The memecoin associated with United States President-Elect Donald Trump saw a sharp 28% drop as Melania Trump, the incoming First Lady, unveiled her own memecoin, which quickly achieved a market cap of $4 billion within the first 30 minutes.
Melania promoted the new cryptocurrency on her X account to her 3.2 million followers, and it was subsequently retweeted by Donald Trump himself.
The value of MELANIA’s coin surged to over $5 billion within just 30 minutes of its launch, although it experienced notable volatility, according to data from DEXScreener.
More than 25,000 investors have already purchased the token.
Meanwhile, Trump’s own OFFICIAL TRUMP (TRUMP) token suffered a major setback, with $5 billion in market value disappearing. In just 40 minutes, its market cap plummeted 38%, dropping from $74.6 billion to $45.9 billion, as reported by CoinMarketCap.
The MELANIA memecoin was launched to “show support” for Melania Trump, with no intention to serve as an investment opportunity.
Melania’s meme page details the distribution plan, stating that 35% of the tokens are allocated for team vesting, 20% for both the treasury and community, 15% for the public, and 10% for liquidity.
However, blockchain analytics firm Bubblemaps has raised concerns, claiming that nearly 90% of the token supply is held in a single wallet.
Intellectual property rights for the website “melaniameme.com,” which helped promote MELANIA, are owned by MKT World LLC.
The memecoin launches occurred just one day before Trump’s presidential inauguration, set for January 20.
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