The First Scythe of America? After a meteoric rise of TRUMP, "First Lady Coin" is now live
Original Article Title: "America's First Scythe? After the Surge of 'Trump Coin,' 'First Lady Coin' Goes Online"
Original Article Author: Bu Shuqing, Wall Street News
Rugging, Do You Still Have to Rely on the American President's Family?
On the 18th, just two days before Trump truly took office, he launched his personal MeMe coin, the "Trump Coin."
Once launched, the token immediately gained popularity. According to CoinGecko data, the "Trump Coin" started trading at an opening price of $0.1824, rising over 15,000% within 12 hours to around $30, and peaking at $75.35 (a cumulative increase of over 41,200%) since launch, with a fully diluted market value (FDV) close to $800 billion.
With the frenzy of the "Trump Coin," Trump's wife Melania also took the opportunity to launch her own cryptocurrency — Melania Coin, known as the "First Lady Coin." On the 20th, Melania announced on social media X that the "Melania Official Emoji Pack is now live" and provided a purchase link.
Traders quickly flocked in, driving the price of the "First Lady Coin" above $5, with an FDV market value exceeding $50 billion. Similar to the "Trump Coin," the "First Lady Coin" is also a Solana-based MeMe coin, with its value relying on community attention and participation.
The token issuance by the Trump family has had a huge impact on the entire cryptocurrency market, including internal family clashes. After the launch of the "First Lady Coin," the Trump Coin plummeted by 60% in 30 minutes, Solana dropped 20%, and Bitcoin fell by 6%.
Analysts point out that this phenomenon reflects the market's frenzied enthusiasm for the Trump family's cryptocurrencies and rapid shifts.
An analyst from Kobeissi Letter posted on X, saying, "This is just too crazy. Less than 48 hours ago, Donald Trump launched the Trump Coin, erasing $7.5 billion in market value (within 10 minutes of the First Lady Coin launch). Within minutes of Melania Trump's token launch, we witnessed a large number of sell orders for the Trump Coin."
Mario Nawfal, an opinion leader on X, commented, "Cryptocurrency seems to have become a family business."
Behind the Trump family's cryptocurrency craze is their support for the crypto industry. Trump appointed David Sacks as the head of cryptocurrency and artificial intelligence affairs, who declared at a so-called "crypto party" event: "The reign of terror on cryptocurrency is over, and America's era of crypto innovation has just begun."
Despite the remarkable short-term performance of "Trump Coin" and "First Lady Coin," the high volatility and speculation in the cryptocurrency market cannot be ignored. The analytical firm The Kobeissi Letter warned that this frenzy in the market may pose significant risks. Investors should be cautious with such meme coins and avoid losses due to blindly following the trend.
