Donald Trump’s TRUMP and MELANIA Meme Coins Crash Shortly After Debuting, Pump-and-Dump Allegations Target Trump Team

The coins initially surged, with TRUMP and MELANIA reaching high valuations before losing 43.31% and 64% of their value within 24 hours, respectively.

Former President Donald Trump's team launched two meme coins on Monday, aiming to capitalize on the cryptocurrency craze. However, the coins, named Official Trump (TRUMP) and Official Melania Meme (MELANIA), saw their prices crash shortly after debut.

The coins initially surged, with TRUMP and MELANIA reaching highs of $116.4 and $11.6, respectively, before losing 43.31% and 64% of their value within 24 hours. At the time of writing, TRUMP trades at $73.9, while MELANIA is down to $3.89, according to CoinMarketCap data.

Critics have accused Trump's team of running a pump-and-dump scheme, using investor funds as exit liquidity ahead of Inauguration Day.

A whale took a heavy loss on the TRUMP and MELANIA tokens, according to on-chain analyst The Data Nerd. The whale spent $9.5 million to acquire 187.36K TRUMP tokens at an average price of $58.03.

This whale sufferred huge loss $7.08M right now

He still owns 1.82M $MELANIA and 193.7k $TRUMP.

TRUMP now trades at $32.92, causing a $7.08 million loss for the whale, who still holds 193.7k TRUMP and 1.82 million MELANIA tokens.

MELANIA’s price dropped from an average of $7.78 to $3.89, marking a 64% decline in 24 hours, CoinMarketCap data shows.

The whale purchased 1.348 million MELANIA tokens on Monday at an average price of $7.78. MELANIA now trades at $3.89, marking a 64% decline in 24 hours. On Tuesday, The Data Nerd updated that the whale had lost $7.08 million but still held 1.82 million MELANIA and 193.7K TRUMP tokens.

The steep rise and fall of TRUMP and MELANIA have led to allegations of a pump-and-dump scheme. Critics have accused Trump's team of using investor funds as exit liquidity for the projects ahead of Inauguration Day.

Blockchain analytics platform Bubblemaps revealed that a whale, likely an insider, triggered a 50%-60% drop in TRUMP’s price. This whale reportedly purchased TRUMP tokens early and split the holdings into ten wallets. Following MELANIA’s launch, these wallets dumped their TRUMP tokens, sending the cryptocurrency into a downward spiral.

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