Melania Trump Meme Coin Skyrockets 21,000% as OFFICIAL TRUMP Token Crashes 36%

President-elect Donald Trump's official meme coin plunged sharply Sunday evening, coinciding with the launch of another token launched by Melania Trump.

President-elect Donald Trump’s meme coin crashed Sunday evening, as another token launched by Melania Trump.

What Happened: The OFFICIAL TRUMP token crashed nearly 36% from $73 to $46 late Sunday evening, wiping out nearly $5 billion in market capitalization, according to data from DEX Screener.

The dump comes as the incoming first lady, Melania Trump, launched a similar token named MELANIA.

Melania Trump shared a link to the official website of the meme coin in her X post, along with a caption, "The Official Melania Meme is live!" Donald Trump went on to reshare the post.

The Official Melania Meme is live!

You can buy $MELANIA now.

https://t.co/8FXvlMBhVf

FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6

The token, which is themed around the incoming first lady, was launched on Solana (CRYPTO: SOL), similar to the token launch by her husband a couple of days ago.

The website of the meme coin carries a disclaimer, which reads, "Melania Memes are intended for collecting and entertainment purposes only. They are not financial instruments or investments."

The MELANIA token has soared over 21,000% in the last 24 hours to a market capitalization of $11.39 billion and generated approximately $383 million in liquidity in just four hours.

Popular cryptocurrency analyst Ali Martinez revealed that he shorted the OFFICIAL TRUMP token and that it was “going well.” Earlier, he announced selling all of his TRUMP tokens.

My $TRUMP short is going very, very well! https://t.co/n7FH2Ce9um pic.twitter.com/kEv9QXuaFN

Another widely-followed cryptocurrency investor, Altcoin Gordon, disclosed opening a $500,000 short on the token.

“Liquidation is $90 If it hits $55, I will make $2.7 million. I am ready for the sell-off,” the trader revealed their strategy.

I just opened a $500K short on Trump coin

Liquidation is $90

If it hits $55 I will make $2.7M.

I am ready for the sell off.

You think I will win? pic.twitter.com/uRNU5yMP4H

See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally

Why It Matters: The launch of OFFICIAL TRUMP created a buzz in the cryptocurrency space, as its fully diluted valuation reached a staggering $74 billion at one time.

Reports suggested that CIC Digital LLC, an affiliate of the Trump Organization, and a related entity, Fight Fight Fight LLC, own an 80% share of the digital asset, leading to speculation regarding an increase in Trump’s wealth as a result of the meme coin.

$TRUMP's meme coin just traded at $74. The total Supply is 1B, and 200M is in circulation. Total mktcap is $74B. Trump's paper profit is ~$60B (80% of which is not in circulation). Does this make him the greatest crypto billionaire in history? And it took just 36 hours!… pic.twitter.com/v52wgtv9On

However, critics expressed their disapproval, with Anthony Scaramucci, a prominent cryptocurrency advocate and former White House Communications Director, calling the launch "Idi Amin-level corruption."

Donald Trump is set to take the presidential oath on Monday. He has announced that his inaugural address will take place indoors in the Capitol Rotunda due to dangerously cold weather in Washington, D.C.

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