The incoming U.S. first lady, Melania Trump, has stepped into the cryptocurrency arena, following her husband Donald Trump’s lead by launching her own multibillion-dollar meme coin. Her move briefly caused a dip in the value of the president-elect’s token, $Trump.
The $Trump token had surged to over $70 per unit, tripling in value and reaching a market capitalization exceeding $14 billion shortly after its launch on Friday (January 17). However, the debut of Melania’s coin, $Melania, caused a partial rollback in those gains.
“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW,” Trump, whose inauguration ceremony is scheduled for Monday 12 pm EST, posted on social media on Friday.
The token swiftly entered the top 20 cryptocurrencies. Blockchain analysts noted that the sheer scale of the digital rush drained liquidity from the rest of the market, causing other coins to lose value as traders liquidated their holdings to invest in Trump’s token.
$MELANIA’s Notable Impact On $TRUMP’s Performance
Melania’s coin launch seemed to have an unintended impact on the market, as some traders sold off the Trump meme coin in favor of the new coin.
“The Official Melania Meme is live! You can buy $MELANIA now,” she posted on X.
Following the launch of $Melania, the price of $Trump plummeted by over 50%, dropping from $75 to $30. However, it gradually recovered in the following hours to around $64. Meanwhile, the market capitalization of $Melania soared to as high as $13 billion.
What Are Meme Coins?
Meme coins are cryptocurrencies that draw inspiration from internet jokes, memes, or popular culture. Unlike traditional cryptocurrencies like Bitcoin, meme coins are often created for fun, community engagement, or speculation. Their value is largely driven by hype, online popularity, and public discussion.
A prominent example of a meme coin is Dogecoin, which originated as a joke based on the Shiba Inu dog meme and gained widespread attention, partly due to support from Elon Musk. Another example is Shiba Inu Coin, dubbed a “Dogecoin killer,” which grew its community through viral marketing efforts.
