This morning, the memecoin TRUMP, associated with President-elect Donald Trump, dropped sharply by 38% after First Lady Melania Trump launched her own cryptocurrency bearing her name. Notably, the MELANIA token reached a market capitalization of $6 billion in less than two hours after its launch.
Melania Trump promoted her namesake cryptocurrency on the platform X on January 19, with the post also reshared by Donald Trump. According to data from DEXScreener, more than 45,000 wallets purchased the token, driving its market cap to $6.14 billion since its launch after 9 PM UTC on January 19.
The official website for the MELANIA project states that the token was created to symbolize “support” and “community connection” and is not intended for investment purposes. As outlined in the project’s announcement, 35% of the tokens are allocated to the development team, 20% to treasury and community initiatives, 15% for public issuance, and 10% for liquidity.
Coinbase expert Conor Grogan commented that while the likelihood of MELANIA being a “rug pull” scam is low, the project may have been developed by a less professional team compared to the one behind the TRUMP token.
“I suspect this token was created by a different team than TRUMP. The latter seems to have been implemented by professional market makers, whereas this project feels like it was done by college students,” he remarked.
Related: Donald Trump to Elevate Crypto as a National Priority
Currently, the fully diluted valuation (FDV) of the MELANIA memecoin has surpassed $10 billion and appears to be stabilizing.
