The cryptocurrency market witnessed dramatic swings this week, with the much-hyped Trump Meme Coin ($TRUMP) plunging nearly 40 percent shortly after a meteoric 600 percent surge in the first 36 hours of its launch.
First Lady Melania Trump has unveiled a new cryptocurrency, dubbed the Melania Meme Coin ($MELANIA), in a move that has sent ripples through the digital asset market.
The cryptocurrency, denoted by the ticker symbol $MELANIA, is now available for purchase on major crypto exchanges. According to CoinMarketCap, the coin opened at $7.29 and quickly surged to $11.22 within hours of its launch.
The launch of $MELANIA comes on the heels of another meme coin, $TRUMP, which was introduced by former President Donald Trump last week.
$TRUMP had a remarkable debut, surging from an opening price of $10 to $70 by Sunday, clocking an impressive 600 percent gain within the first 36 hours of its launch.
The token, which is now trading at $53.12, began its journey with a market capitalisation of $15 billion, as noted by CoinGecko.
Both $TRUMP and $MELANIA are ERC-20 tokens built on the Ethereum blockchain.
The coins, which are meme-based digital assets, typically experience high volatility and can be influenced by factors such as social media trends and community support.
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