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On Sunday, incoming First Lady Melania Trump made waves in the cryptocurrency world by launching the “Official Melania Meme” token, or $MELANIA, on the Solana blockchain. The token was quickly met with significant interest, with an early trading price of $11.22 and a market cap of $2.15 billion. The launch, however, also led to a sharp dip in the price of a similar meme coin, the $TRUMP token, which had been launched just two days earlier by her husband, President-elect Donald Trump.
The $MELANIA token is distributed by MKT World, a Florida-based company Melania Trump established in 2021. The token’s official website notes that it is intended as a “digital collectible” and is not an investment opportunity, with 35% of the token’s supply reserved for Melania’s team and locked for the first 30 days.
Following the release of $MELANIA, the $TRUMP token saw a sharp decline in price, dropping nearly 40% from its peak of $75 to around $35. Despite this, the $TRUMP token was able to recover somewhat after Robinhood announced it would list the coin on its platform. As of Monday morning, $TRUMP was trading at $53.12, bringing its market cap back up to $10.62 billion, making it the 18th most valuable cryptocurrency.
The launch of the $MELANIA token also sparked concerns from some crypto executives, who worry that the growing popularity of meme coins could harm the broader cryptocurrency market, especially given the volatile price movements seen in the wake of the launches.
As of Monday morning, the $MELANIA token has 450,653 wallets holding the coin, according to Solscan data. With its market cap in the top 60 cryptocurrencies, the token has quickly made a name for itself in the meme coin sector.
Disclaimer: This article is for informational purposes only and does not provide financial advice.