The crypto world was rocked this weekend as Donald Trump's "official" memecoin made a grand debut ahead of his inauguration
Melania Trump has introduced her own meme coin, $MELANIA, ahead of her husband Donald Trump's inauguration. The coin is now available for purchase, and it has already caused a temporary 50% drop in the value of Trump's own memecoin, $TRUMP.
Melania announced the launch of her coin on Sunday, January 20, with a post on her social media handles. She wrote, "The official Melania Meme is live! You can buy $MELANIA now."
According to Forbes, the coin quickly gained attention, with its price rising to over $5 and a market cap exceeding $5 billion. Melania herself made the announcement on X (formerly Twitter), encouraging traders to buy her coin.
Trump's coin had earlier soared in value, making it one of the top 20 cryptocurrencies by market cap. However, the excitement was short-lived.
Melania's coin had an immediate impact on the value of Trump's memecoin. Within minutes of the announcement, Trump's coin lost nearly 40% of its value, with many traders quickly selling off their holdings to buy into the new $MELANIA coin. This included those who had earlier invested in the Trump token.
According to analysts, the price of Trump's token dropped by $7.5 billion in just 10 minutes following the launch of the Melania coin.
The Kobeissi Letter analysts took to X to comment on the situation, writing, "This is beyond insane. Less than 48 hours ago, Donald Trump launched $trump which just erased $7.5 billion in market cap in 10 minutes. In the minutes around the launch of Melania Trump's token, we saw massive sell orders in $trump."
David Sacks, a Trump-appointed crypto advisor, recently declared that the "reign of terror" against crypto is over, signaling a new era of U.S. crypto innovation.
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