The token, now ranked as the 18th-largest digital asset with a market cap of $11.76 billion, is priced at $58.83 as per CoinMarketCap data.
Fresh from his Inaugural Day appearance, former President Donald Trump has introduced a slew of meme coins, including the official TRUMP (TRUMP) token and $MELANIA. While TRUMP has enjoyed a surge in popularity, reaching the 18th-largest digital asset by market capitalization, the token has faced criticism for its rapid rise and fall.
The TRUMP token, which was trading at $58.83 with a market cap of $11.76 billion, experienced a 54.29% surge in the past 24 hours following its listing on Robinhood, a major stock and crypto trading platform. Robinhood confirmed the listing in a post on X (formerly Twitter).
With a 24-hour trading volume of $52 billion, TRUMP ranked fourth after USDT, Bitcoin, and Ethereum. The token was available on major crypto exchanges like Binance, Kraken, OKX, Bybit, and Robinhood. Notably, it reached an all-time high of $75.35 about 19 hours ago but has since dropped 23.45% from its peak.
Shortly after the TRUMP token debut, Melania Trump, the former First Lady, announced her own memecoin; $MELANIA. Launched on January 19, $MELANIA rose 56.46% within 24 hours, trading at $11.48 but down 16.54% from its all-time high of $13.19, recorded 16 hours ago.
Despite the tokens’ successes, Trump faced backlash from crypto market participants accusing him of greed. The release of MELANIA allegedly caused TRUMP’s price to fall, with Delphi Labs co-founder José Maria Macedo attributing this to insider profit-taking.
Financial analyst Michael A. Gayed criticized the dual token launches, suggesting they hurt Trump’s credibility ahead of his inauguration.
Similarly, Jim Bianco of Bianco Research noted that the “smashing success” of the TRUMP token may have driven Trump and Melania to cash in more on the hype by launching $MELANIA, a move that smacks of haste.
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