Melania Trump’s launch of $MELANIA caused a 50% drop in her husband’s $TRUMP coin. The move led to a surge in $MELANIA’s value, sparking mixed reactions in the crypto community.
On 20 January, Melania Trump, wife of U.S. President-elect Donald Trump and future First Lady, introduced her own meme coin, $MELANIA. The launch of this new cryptocurrency caused a significant drop in the value of her husband’s meme coin, $TRUMP, which saw a 50% decline as it attracted attention from Trump supporters and cryptocurrency enthusiasts.
The announcement came just as Donald Trump was preparing to begin a rally in Washington to celebrate his inauguration. Melania made the news public on social media, declaring, The official Melania Meme is live! You can buy $MELANIA now, creating a buzz in both the crypto community and among her husband’s followers.
$TRUMP Sees Dramatic Decline, $MELANIA Soars
Melania Trump’s launch of her new cryptocurrency, $MELANIA, caused a dramatic drop in the value of her husband’s crypto token, $TRUMP. The value of $TRUMP plummeted by 50%, as investors shifted their attention to $MELANIA, according to reports. At one point, the price of $TRUMP fell to $41, but it later recovered. As of now, $TRUMP is trading at $47, with a market cap of $9.82 billion, marking an 83% increase from the previous day, based on Coinmarketcap data.
At 7 am on 20th January (IST), $MELANIA was priced at $0.1702, marking an astonishing 3035.16% surge. The cryptocurrency reached a market capitalisation of $7.31 million.
Donald Trump Promotes Crypto at Rally
During his rally, Donald Trump promoted cryptocurrency, referring to these ventures as all investments and highlighting Bitcoin’s record-breaking achievements. He suggested that, due to the couple’s own crypto coins, he could already be the wealthiest person globally.
According to CoinGecko, the total trading value of Trump’s tokens reached nearly $13 billion before the launch of $MELANIA, making it the 19th most valuable cryptocurrency at the time. The report also noted that Trump affiliates control around 800 million tokens, in addition to the 200 million already released, potentially unlocking a value of up to $51 billion.
Mixed Reactions to the $TRUMP and $MELANIA Coins
Reactions to the $TRUMP and $MELANIA coins have been mixed, with supporters praising the Trump family’s “business acumen” in the crypto space. However, critics have raised concerns over the ethics of the move, questioning potential conflicts of interest tied to these assets.
Donald Trump has pledged to introduce crypto-friendly regulations and has nominated several pro-crypto figures for positions in his upcoming administration.
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