Ahead of his inauguration, President-elect Donald Trump launched the $TRUMP meme coin. The crypto, which had captivated attention over the weekend, has seen a 60% dip in value from its highest point. This drop followed a tweet from Melania Trump announcing the launch of a new meme coin, $MELANIA.
“The official Melania meme is live,” the incoming first lady of the U.S. posted to X, alongside a link to a website selling the cryptocurrency. “You can buy $ Melania now.”
Trump meme coin soars to $15 B before Melania’s rival coin causes 40% drop
Trump meme coin soars to $15 Billion before Melania’s rival coin causes a 40% Drop.
The price of the “official” Trump meme coin has surged since its Friday evening launch, breaking into the crypto top 20 by market capitalization and hitting an eye-watering $15 billion. Now, as leaks reveal Trump is readying a flurry of crypto-focused executive orders, Trump’s wife, Melania, has launched her own rival cryptocurrency, tanking the price of Trump’s coin.
To buy these two meme coins, users need to use a Solana-based exchange like Jupiter and a non-custodial wallet, such as Phantom.
X influencer Mario Nawfal said that it seems like crypto is becoming a family business. According to on-chain data, after the release of Melania’s coin, Trump’s meme coin plunged by approximately 40% as traders rushed to purchase the new token.
Early $TRUMP investors reap huge gains
Early investors in Trump’s coin have experienced triple-digit percentage gains since Friday evening, with some traders missing out because they suspected Trump’s social media accounts had been hacked.
The Trump family meme coin frenzy follows David Sacks, Trump’s recently appointed crypto and artificial intelligence czar, announcing a new era of U.S. crypto innovation.
Sacks noted that the reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun.
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