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The cryptocurrency industry suffered a wave of declines after news of Melania Trump's launch of a meme coin hit the market. The TRUMP Coin took a nosedive immediately after the news broke.
The MELANIA meme coin reportedly reached a market valuation of $8 billion, triggering both excitement and suspicion in the crypto community.
Launch of $MELANIA and fall of $TRUMP
Melania Trump, the next First Lady, has followed in her husband's footsteps by launching her own digital currency, a meme coin called MELANIA.
According to a post on X, Melania announced that the coin is officially available. Dexscreener reported that during the press conference the coin was trading at $8, reaching a market valuation of $8 billion.
The TRUMP meme coin soared 3-fold, surpassing $75 and reaching a valuation of $14 billion soon after its launch on Friday.
However, the launch of the MELANIA token reduced profits when it was placed on the cryptocurrency market, causing the TRUMP coin to plummet dramatically. From $75, the TRUMP coin fell to $50.39, with a $5 billion valuation loss.
In this context, crypto analyst Zack Guzman shared his thoughts on both coins.
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In simple terms, Guzman explained that the Trumps were racing against time to avoid legal problems. Indeed, the US Constitution prohibits any president from using their office to enrich themselves.
Melania Trump also directed readers to the MELANIA on X coin website. The site states that Meme Coins are not long-term investments, but rather an expression of support.
After the launch of the MELANIA coin, investors raised concerns about the possibility that it was a scam, with many claiming that Melania's X account had been hacked.
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Trump's pro-crypto stance is always appreciated by the cryptocurrency community. Everyone is waiting for the promises made during the election campaign to be fulfilled. With Bitcoin surpassing $100,000 soon after his inauguration, cryptocurrency enthusiasts are hoping for a new future for digital assets. However, the release of these meme coins raises concerns for the Meme Coin industry.
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