Donald Trump’s memecoin saw a rapid rise before crashing 40% following the launch of Melania Trump’s $MELANIA token, which reached a market cap of $5 billion.
The crypto world was rocked this weekend as Donald Trump’s “official” memecoin debuted in a big way ahead of his inauguration, briefly rising in value before crashing spectacularly. Melania Trump, the new First Lady, presented her own coin, $MELANIA, on January 20 (late Sunday, US time). This new coin caused a temporary 50% drop in the value of her husband’s $TRUMP memecoin.
(FILES) United States First Lady Melania Trump smiles at US President Donald Trump at the end of the final day of the Republican National Convention (Photo by Brendan Smialowski / AFP)(AFP)
Melania Trump flips her own coin
“The official Melania Meme is live! You can buy $MELANIA now,” Melania said on her social media just before Trump’s victory in Washington. This new coin quickly attracted attention, with a price exceeding $5 and a market capitalization exceeding $5 billion. dollars, according to Forbes Melania made the announcement herself on X (formerly Twitter), encouraging traders to buy her coin.
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Trump coin crashes as $MELANIA coin gains ground
Trump’s coin skyrocketed upon its debut, reaching a staggering market value of $14 billion, making it one of the top 20 cryptocurrencies by market capitalization. But the enthusiasm was short-lived.
The debut of Melania’s coin had an immediate impact on the value of Trump’s memecoin. Within minutes of the announcement, the Trump coin lost nearly 40% of its value, and many traders, including those who had previously invested in the Trump token, quickly sold their holdings to buy the new $MELANIA coin . Analysts observed that the price of Trump’s token dropped by $7.5 billion in just 10 minutes after the token’s launch.
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Kobeissi Letter analysts spoke to X to declare: “It’s beyond crazy. Less than 48 hours ago, Donald Trump launched $Trump which had just erased $7.5 billion in market capitalization in 10 minutes. In the minutes following the launch of Melania Trump’s token, we saw massive sell orders in $trump. »
David Sacks, a Trump-appointed crypto advisor, recently declared that the “reign of terror” against crypto is over, signaling a new era of crypto innovation in the United States.
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News / World News / American news / Trump Meme Coin Crashes Spectacularly as Melania Coin Hits Crypto: ‘Beyond Insanity’