Melania Trump introduced a memecoin following the peak valuation of her husband’s TRUMP token, which reached $15 billion before experiencing a decline of nearly 40%.
US President-elect Donald Trump’s contentious memecoin experienced a decline of 38% following the introduction of a new memecoin by his wife, incoming First Lady Melania Trump. This new digital currency achieved a valuation of $6 billion in less than two hours.
Mrs. Trump endorsed her self-named memecoin, MELANIA, in a post on X dated January 19, which was also disseminated by her husband.
According to data from DEXScreener, more than 45,000 wallets have acquired the token, which achieved a market capitalization of $6.14 billion shortly after its launch at approximately 9 PM UTC on January 19.
In the interim, the TRUMP token, named after Donald Trump, experienced a significant decline, with its market capitalization decreasing by $5 billion. According to data from CoinMarketCap, the token’s price plummeted by 38%, dropping from $74.6 to $45.9 within a span of 40 minutes.
A website dedicated to the MELANIA token, endorsed by Mrs. Trump, stated that the memecoin was created to demonstrate “support” and “engagement” and is “not designed” to serve as an investment opportunity.
The website stated that 35% of the tokens have been assigned to the token’s team, while 20% has been designated for both the treasury and the community. Additionally, it mentioned that 15% was made available to the public, and 10% was reserved for liquidity purposes.
Blockchain analytics platform Bubblemaps reported in a January 19 post on X that almost 90% of the token supply is held in a single wallet, which does not align with the asserted token distribution.
Coinbase executive Conor Grogan stated on X that while it is “unlikely” for MELANIA to be a rug pull, there remains a possibility that it was initiated by a team that is less organized than the one responsible for the TRUMP token.
It is my assumption that this token was managed by a team distinct from that of TRUMP’s, he remarked. “The former appears to be the work of professional market makers, whereas this one frankly resembles the efforts of college students.”
Grogan observed that the wallet associated with MELANIA’s creator received funding from a wallet that engaged in trading on the Solana memecoin launchpad known as pump.fun.
An unidentified cryptocurrency developer referred to as “cygaar” stated that Mrs. Trump’s website was established on January 18 and is not safeguarded by the cybersecurity service Cloudflare, adding that it features subpar front-end coding.
The intellectual property rights for the website “melaniameme.com,” which facilitated the launch of MELANIA, are owned by MKT World LLC. This company was established by Mrs. Trump in 2021 and is registered at the same business address as the Trump International Golf Club, as indicated by records from the Florida Department of State.
The launches of the memecoins occur one day prior to Donald Trump’s presidential inauguration on January 20.
