TRUMP Token Crashes After Melania Trump Launches $MELANIA Coin

Trump's meme coin skyrocketed before plummeting in a spectacular crash, shocking the cryptocurrency world.

A meme coin named $TRUMP, inspired by former US President Donald Trump, experienced a spectacular crash following the launch of another meme coin, $MELANIA, by Trump's wife.

After being listed on Binance, Trump's meme coin saw its diluted market value skyrocket to an astonishing $75 billion, ranking it among the top 20 cryptocurrencies by market capitalization. However, the excitement was short-lived.

Within minutes of the announcement, Trump's token lost nearly 40% of its value as many traders, including those who had previously purchased Trump tokens, quickly sold their holdings to invest in the new $MELANIA coin.

According to analysts, Trump's token lost $7.5 billion in value within hours of its launch on Binance. Later in the evening, incoming First Lady Melania Trump unveiled her meme coin, $MELANIA.

This new coin caused her husband's $TRUMP meme coin to lose 50% of its value temporarily.

A website for the MELANIA token, which was shared by Mrs. Trump, stated that the meme coin was created to show "engagement" and "support" and is "not intended" to be an investment opportunity.

According to the website, the token team received 35% of the tokens, with the remaining 20% allocated to the community and treasury.

Ten percent was earmarked for liquidity, and fifteen percent was made available to the public.

However, Bubblemaps, a blockchain analytics platform, noted that nearly 90% of the token supply is in a single wallet, which contradicts the stated token distribution.