Trump Coin Crashes $6B After Melania Coin Debuts
TRUMP, the official meme coin of President-elect Donald Trump, experienced a severe crash and lost over 40% just hours after Melania Trump launched her own meme coin, MELANIA.
The token was trading at roughly $72 on Sunday but plunged below $39 in the evening, according to CoinGecko.
The selloff knocked off $6 billion from its market value, which reached $14.5 billion earlier in the day.The latest slump in price saw TRUMP drop out of the top two meme coins by market capitalization, as Shiba Inu (SHIB) reclaimed the second spot.
Earlier today, TRUMP had jumped above both SHIB and PEPE to enter the top echelons of meme coin rankings.
At the time of writing, TRUMP changes hands at approximately $46, up 68% in the last 24 hours.
The “official” Trump memecoin has gained ground since going live on Friday evening, pushing its way into the crypto top 20 by market capitalization and touching a peak of $14 billion. ????
But amid rumors that Trump himself is set to unleash a slew of crypto-focused executive orders, Melania Trump dropped her own rival cryptocurrency, crashing the value of Trump’s coin.
“The official Melania meme is live,” she tweeted as incoming U.S. first lady on X, along with a hyperlink to a website selling the cryptocurrency. “You can buy $melania now.”
Melania also introduced the MELANIA token on Truth Social in a way that many considered legitimate after it was retweeted by Trump himself.
Indeed, within just three hours following the launch, the Solana-based meme coin reached a valuation of $12 billion, as the data from Dexscreener had indicated.
What you should know
Details from the website of the project showed that 35% will be given to the team, and treasury, community each getting 20%, 15% to the public and 10% to liquidity.Bubblemaps reported that 89% of the token supply was initially in one wallet, which was then split into four, a pre-sale that did not align with the information on the site.
Blockchain experts say Official Trump and Melania Memes are two different projects from different teams that did not coordinate.
Conor Grogan, head of product business operations at Coinbase said the wallet dealing with the creation of Melania Trump’s token was earlier active on memecoin launchpad Pump.fun and wasn’t a multisignature wallet, like in the case of Donald Trump’s token.
Blockchain developer Cygaar immediately slammed the creation of the MELANIA token, saying that it had all the earmarks of trying to “grift.”
He showed that the linked website was flimsily thrown together with a minimum of security features and contrasted this with the highly professional Official Trump site.
The Trump family memecoin project comes on the heels of the appointment by President-elect Trump of David Sacks as crypto and artificial intelligence czar.
Sacks said a new era of U.S. crypto innovation had begun: “The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun.”
He spoke Sunday night at the “crypto ball” event, organized to drum up support for Trump in the crypto community and to showcase the community’s value to the incoming administration.
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