"First Crypto President" - Balaji Srinivasan Weighs in on Donald Trump's $TRUMP Token

It has been brought to light that more than 90% of incoming U.S. president Donald Trump's wealth is in crypto assets, including the red-hot $TRUMP token.

Fresh off the debut of the ‘official’ $TRUMP meme coin on Solana, another member of the Trump family has joined the crypto bandwagon.

On Jan. 18, 2025, the crypto market witnessed a huge event with the launch of the ‘official’ $TRUMP meme coin on the Solana blockchain. Within just hours of its launch, TRUMP’s market cap surged to a staggering $14 billion and cracked into the top 20 cryptocurrencies on CoinGecko.

A day after $TRUMP dropped, Trump’s wife Melania has launched her self-titled meme coin, $MELANIA. At the time of writing, $MELANIA spiked an eye-popping 24,000% to a record peak of $13.05 as Trump’s Solana-based meme coin fell.

A website that reveals the tokenomics of the MELANIA token says the meme coin was created to express “support” and “engagement” and is “not intended” to be an “investment opportunity” or “investment contract.”

The site asserts that 35% of the $TRUMP tokens have been allocated to the token’s team, with 20% being distributed to both the community and treasury. Moreover, it claims that 10% was set aside for liquidity and 15% was offered to the public.

However, blockchain sleuth Bubblemaps has uncovered that roughly 90% of the Solana-based token’s supply is held in a single wallet and does not align with the team’s claimed token distribution.

According to Coinbase executive Conor Grogan, it’s “very unlikely” $MELANIA is a rug pull, though it’s possible that it was launched on short notice by a less organized team compared to the one behind the TRUMP meme coin.

“My guess is that this token was handled by a different team than TRUMP’s,” Grogan wrote in an X post. “That one looks like professional market makers, this one honestly looks like college kids.”

That being said, these back-to-back meme coin drops have boosted the net worths of Trump and the next First Lady, Melania, by billions of dollars.