Three days after the launch of Donald Trump's meme coin, his wife, Melania Trump, introduced her own rival meme coin.
Donald Trump's meme coin has seen a steep decline in value following the launch of a rival meme coin by his wife, Melania Trump.
Announcing the launch of her meme coin on Sunday, Melania wrote on X (formerly Twitter), “The Official Melania Meme is live! You can buy $MELANIA now. " She also included a link to a website selling the cryptocurrency.
According to Forbes, Trump's meme coin, $TRUMP, was ranked among the top 20 cryptocurrencies by market capitalisation, reaching an impressive $14 million.
However, hours before Trump's oath, the launch of Melania Trump's cryptocurrency, $MELANIA, sent the value of Trump's coin into a sharp decline.
As people rushed to buy Melania's meme coin, it pushed its value to over $7.41, giving it a fully diluted market capitalisation exceeding $5 billion. Both Melania's and Trump's coins are built on the Solana network.
According to CoinMarketCap, Trump's meme coin initially launched at $0.18, has risen significantly to $44.08, while Melania's coin currently stands at $7.41.
As per the official website of the crypto, 80 per cent of Trump's meme coin is held by Trump Organisation affiliate CIC Digital, and Fight Fight Fight – an entity co-owned by CIC Digital.
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