In a bold move on the eve of her husband’s inauguration, incoming first lady Melania Trump has launched her own cryptocurrency, $MELANIA, following in the footsteps of her husband, Donald Trump, who introduced the $TRUMP token just days earlier.
While both coins have generated a significant amount of buzz, the arrival of $MELANIA caused a temporary drop in the price of $TRUMP, as the market reacted to the launch.
The $TRUMP’s Initial Surge and Subsequent Dip
The $TRUMP token made an impressive debut, quickly surging in value to more than $70, giving it a total FDA (Fully Diluted Asset) value of over $71 billion shortly after its release on Friday.
However, following the launch of $MELANIA, the $TRUMP coin saw a steep decline in value, falling by more than 50%, from $75 to $30. The market has since stabilized, with $TRUMP now trading at $58.85, still up by 2.49% over the past 24 hours. Despite the temporary drop, $TRUMP’S market cap is still robust, currently standing at $56 billion.
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Meme Coins: A Volatile but Significant Market
Despite facing criticism and volatility, $TRUMP and $MELANIA have firmly established themselves as significant players in the meme coin market. Both tokens, though criticized for their lack of practical use, have shown remarkable resilience and have attracted substantial trading volumes. Over the last 24 hours, $TRUMP’s trading volume surged by an astonishing 282%, reflecting strong market interest.
$MELANIA, as a meme coin, has contributed to the ongoing debate about the role of such tokens in the broader cryptocurrency ecosystem. While it has temporarily displaced $TRUMP as a market leader, meme coins in general have become increasingly influential, especially as major exchanges have listed these tokens.
Critics Raise Concerns, But the Coin Survives
Despite the ongoing success and the large market cap, both $TRUMP and $MELANIA have faced significant criticism. Critics argue that meme coins, particularly those linked to political figures, serve more as symbols than legitimate investments.
YouTuber Stephen Findeisen, known as Coffeezilla, criticized the timing of $TRUMP’s launch, calling it unethical and raising concerns about the allocation of funds.
He claimed that as much as 80% of the funds were distributed to Trump’s associates, which raised ethical questions for many investors. Additionally, economist Peter Schiff mocked the coin’s value and compared it unfavourably to Bitcoin.
Despite these criticisms, the launch of $TRUMP and $MELANIA has brought attention to the growing intersection of politics and cryptocurrency.
Donald Trump has long been a vocal advocate for more crypto-friendly regulations, a stance that has garnered support from cryptocurrency enthusiasts.
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