The cryptocurrency market witnessed a dramatic weekend as former First Lady Melania Trump launched her meme coin, $MELANIA, which triggered a wave of market activity that overshadowed her husband Donald Trump’s $TRUMP coin.
Donald Trump’s $TRUMP meme coin went parabolic when it first appeared, reaching as high as $72 before collapsing by nearly 40% to under $39 after Melania made her announcement. Traders flipped to the $MELANIA coin and it skyrocketed to a market cap of more than $5 billion in just hours.
The $MELANIA Coin Phenomenon
Melania Trump posted the launch of $MELANIA on social media, opening the investment door to this trend. The timing was impeccable: it happened during Donald Trump’s DC rally ahead of his inauguration. The market reacted in a flash of a second. Analysts described the move as unprecedented. Forbes reported a price jump to over $5 per $MELANIA token within less than 24 hours.
Trump’s Coin Takes a Hit
The launch of $MELANIA triggered a wave of sell orders for $TRUMP. Commenting on the crash as “utterly insane,” analysts at The Kobeissi Letter pointed out that $TRUMP’s market cap lost $7.5 billion in under minutes. Many investors saw $MELANIA as the new darling of the crypto saga linked to Trump, with investors speculating on its sustainability over the long term.
A Divisive Crypto Strategy
Critics also said Donald Trump was milking his political fame for financial benefits, especially now that $TRUMP was introduced just a few days before his return to the Oval Office. Crypto venture capitalist Nick Tomaino lambasted the move as “predatory,” citing its timing and Trump’s reportedly owning 80% of $TRUMP tokens.
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Ironically, in recent years, the stance of Donald Trump towards cryptocurrencies has drastically changed. While initially sceptical, last year, he declared that under his leadership, America would become “the crypto capital of the planet” during a Bitcoin conference.
The Future of Trump-Linked Coins
While $MELANIA’s meteoric rise and $TRUMP’s crash do indicate the fluctuating maturity of meme coins, they also highlight the unpredictable combination of politics and crypto. Be it a trend or a fad, what is crystal clear is that the Trump family’s foray into digital currency will continue to be headline-grabbing and policy debates over ethics and market dynamics.
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Investors are still wondering whether these tokens are genuine contenders in the crypto space or just passing political stunts.
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