The crypto market is never far from drama, and this time, the meme coin sector is the stage. Donald Trump has struck again
Fresh off the heels of Donald Trump’s entry into the crypto sphere with the World Liberty Financial project in October 2024, comes another surprising move. On January 17, 2025, just days before his inauguration, Trump launched his own meme coin, aptly named OFFICIAL TRUMP (TRUMP).
In a move that sent shockwaves through the crypto community, the US president unveiled his meme coin during a press conference at his Mar-a-Lago estate in Palm Beach, Florida. The launch of the TRUMP meme coin was a part of the festivities in the run-up to the inauguration, showcasing President Trump’s interest in cryptocurrency extending beyond his budding World Liberty Financial project.
As a meme coin, the TRUMP coin had no inherent value and was not intended to be used for any practical purposes. However, its novelty and the involvement of President Trump sparked a frenzy among investors, driving the coin's market capitalization to astronomical heights.
According to data from CoinGecko, the TRUMP meme coin reached a peak market cap of $14 billion, a staggering sum that placed it among the top 20 cryptocurrencies by market capitalization. This rapid ascent was followed by a sharp decline, with the TRUMP meme coin losing about $6 billion in market cap due to sales, as noted by crypto news sources.
In a related development, Melania Trump also launched her own meme coin to rival the TRUMP coin. The dance of the meme coins took an even more interesting turn as the US president's wife launched her Official Melania token (MELANIA) on the morning of Trump’s inauguration.
Apparently, the TRUMP meme coin lost about $6 billion in market cap due to the sales, which might have prompted the first lady to launch her own meme coin. Even then, MELANIA recorded a respectable $1 billion in market cap at its peak.
The launch of both the TRUMP and MELANIA meme coins sparked ethical issues among crypto folks, especially in the legal space. However, their launch is bound to open more room for the crypto market in the near future.
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