In an unexpected turn of events, future First Lady Melania Trump has introduced her own meme coin, $MELANIA, just prior to her husband’s inauguration as the 47th president of the United States. The announcement was made on Sunday night through a post on the X social media platform, where she urged investors to “buy $MELANIA now.”
As of 10:48 a.m. London time on Monday, the Melania token was valued at $11.16, reflecting a notable surge of more than 50%. The token has a market capitalization of $2.15 billion.
Not to be overshadowed, incoming President Donald Trump launched his own meme coin, the “Official Trump” coin, on Friday via the Solana Blockchain network. However, by Monday, the value of this coin had fallen by 20%, trading at $53.74 by 10:53 a.m. London time. Despite this decrease, Donald Trump’s cryptocurrency continues to lead as the largest meme coin on the Solana network by market cap, with Melania Trump’s token positioned in fourth place.
Each coin features disclaimers on their official websites. The site for the Melania meme coin states that the tokens are “digital collectibles meant to express support for and engagement with the values represented by the symbol MELANIA and the related artwork, and are not intended to serve as an investment opportunity, investment contract, or any type of security.” Similarly, the Trump token’s website promotes the cryptocurrency as “a piece of history,” referring to Trump as “the crypto president.”
Donald Trump, who has previously shown support for cryptocurrencies, is reportedly planning to issue an executive order to prioritize digital assets on a national scale. He has committed to releasing 1 billion “Official Trump” tokens over the next three years, with at least 200 million coins already distributed.
Market analyst Grzegorz Drozdz from Conotoxia has warned investors about the unpredictable nature of meme cryptocurrencies, labeling them as speculative assets. He pointed out that the launch of these coins during the presidential inauguration raises questions about potential conflicts of interest.]
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Cryptocurrency is generally recognized for its volatility. Bitcoin, the most valuable digital currency globally, can experience fluctuations of thousands of dollars in one day. Alternative coins, or “altcoins,” such as ether and XRP, tend to be even more susceptible to price changes. Tokens can be created by anyone with internet access, resulting in phenomena like the 2021 “Squid Game” token, which soared then lost nearly all its value.
After the launch of the “Melania” token on Sunday, the “Official Trump” coin experienced a brief decline of up to 40%, as noted by analysts at The Kobeissi Letter.
The Trump family’s entrance into the meme coin space has certainly made waves in the cryptocurrency market, leading both investors and analysts to consider the ramifications of this daring initiative.
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