Melania Trump Unveils Meme Coin Amid Cryptocurrency Frenzy: A Billion-Dollar Gamble
With Donald Trump’s return to the presidency, the cryptocurrency world is seeing a drastic change. In the wake of the $TRUMP cryptocurrency meme coin launch just days ago, First Lady Melania Trump has also unveiled her very own digital currency-the $MELANIA coin.
The $MELANIA meme coin launched Sunday evening, ahead of Trump’s inauguration. Melania Trump took to X (formerly Twitter) to announce the launch, saying, “You can buy $MELANIA now.”
Intraday, the coin opened at $7.41 and rose to about $9 by Monday morning, raising the market capitalization to $1.65 billion, according to CoinMarketCap. While impressive, the debut of the $MELANIA coin lags behind the $TRUMP coin, which to $50 a piece with the market cap reaching $10 billion after launching at just 18 cents.
Meme coins, inspired by internet trends, are known for their volatility. David Reibstein, a marketing professor at The Wharton School, cautioned investors about the unpredictable nature of these assets. “It’s an investment for the brave,” he noted, citing the rapid rise and fall of Trump Media’s stock as an example.
The Trump coin stands at a present rank of being the 18th most expensive cryptocurrency, whereas the $MELANIA coin stands at the 62nd number.
The $MELANIA coin was developed based on the Solana blockchain with the count reaching to 450,000 holder marked by the tracker, SolScan, while this release put $TRUMP coins into the state of drop where people questioned crypto industries over its launch.
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Rob Hadick, a general partner at Dragonfly Capital, expressed frustration, saying the Trump-related meme coins are “a blight” on the market.
As indicated on the $MELANIA coin official website, 15% of the tokens are public while 35% is allocated to the project team. The share allocated to the team will be unlocked gradually for 13 months with 10% unlocked after 30 days. At a fully diluted valuation of $5 billion, this may mean the team’s allocation would be $1.5 billion.
The $MELANIA website warns to clearly state on the coin page that it’s “for collection and entertainment purposes only” and urges prospective purchasers to “do your own research, and never invest more than you can afford to lose.”
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The purchases shall be done by either cryptocurrency or debit cards
The Trump administration would likely be even more friendly towards cryptocurrencies, with a possible creation of a strategic reserve of Bitcoin. This could also mean a boost in new meme coins from other Trump family members.
However, not everyone is upbeat. Anthony Scaramucci, founder of Skybridge and former White House communications director, attacked the launches, saying on X that the $MELANIA coin sent the $TRUMP coin into a tailspin and asking which coins from Trump’s children would perform best.
As the world watches the crypto space evolve, one thing is clear: the Trump family’s forays into meme coins are making waves.
