The Rise and Fall of the Trump Meme Coin: Melania Coin Shock Sends Crypto Crashing
Crypto markets have been stirred by the launch of an “official” Donald Trump memecoin this weekend, causing traders to prepare for potential chaos in the upcoming week.
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The value of the “official” Trump memecoin has surged since its launch on Friday evening, propelling it into the top 20 cryptocurrencies by market capitalization and reaching a staggering $14 billion.
As leaked information indicates that Trump is gearing up to issue a series of crypto-focused executive orders, his wife Melania has introduced her own competing cryptocurrency, leading to a drop in the price of Trump’s coin.
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President-elect Donald Trump and his wife Melania Trump have each launched cryptocurrencies this … [+]
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“The official Melania meme is live,” announced the future First Lady of the U.S. on X, providing a link to a website where the cryptocurrency can be purchased. “You can buy $melania now.”
The price of Melania’s coin rose as traders rushed to invest, pushing it over $5 and giving it a market capitalization exceeding $5 billion.
Just like Trump’s coin, Melania’s memecoin, a type of cryptocurrency similar to bitcoin that derives its value from community interest and engagement, has been launched on the solana blockchain.
“This is unbelievable,” commented analysts at The Kobeissi Letter on X. “Less than 48 hours ago, Donald Trump introduced $trump, which wiped out $7.5 billion in market cap in just 10 minutes. Around the launch of Melania Trump’s token, we witnessed significant sell orders in $trump.”
“It seems like crypto is turning into a family affair,” X influencer Mario Nawfal remarked.
Following the introduction of Melania’s coin, Trump’s memecoin plummeted by around 40%, as traders rushed to purchase the new coin, according to on-chain data.
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Donald Trump’s “official” coin has crashed after his wife Melania launched her own cryptocurrency … [+]
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Those who purchased Trump’s coin early on have experienced triple-digit percentage gains since Friday evening, while some traders missed out due to suspicions that Trump’s social media accounts were hacked.
The memecoin deluge from the Trump family follows David Sacks, appointed by Trump as the crypto and artificial intelligence czar, heralding a new era of U.S. crypto innovation.
“The era of hostility towards crypto has ended, and the era of innovation in the U.S. for crypto has just begun,” stated Sacks at the crypto ball event on Friday, aimed at garnering support for Trump within the crypto community and showcasing its value to the incoming administration.
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