Top line
New First Lady Melania Trump announced on Sunday the launch of a meme coin that trades on the Solana blockchain platform, causing a sharp drop in the price of a similar meme coin launched two days ago by her husband, the president-elect Donald Trump, and inciting concerns from crypto executives who fear meme coins could harm the market.
New First Lady Melania Trump launched her coin on Sunday.
Key facts
The new first lady announcement the launch of the “Official Melania Meme” or $MELANIA token on Sunday afternoon and shared a link to a website to purchase the coins.
Early Monday morning, the $MELANIA token was trading at around $11.22 with a market cap of $2.15 billion.
According to The CoinMarketCap tracker$MELANIA’s market capitalization makes it one of the 60 most valuable cryptocurrencies in the world.
The token is distributed on the Solana blockchain platform by MKT World, a Florida company. incorporated by Melania Trump in 2021.
Details on the coin are limited, but the website says the new first lady’s team has reserved 35% of the token supply, which will remain locked for the first 30 days.
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What other details do we know about Melania?
The same piece purchase link shared by Melania Trump includes a disclaimer that the tokens are “digital collectibles intended to function as an expression of support and commitment to the values embodied by the MELANIA symbol.” and associated works of art. The note then adds that the meme coins are not intended to be “an investment opportunity, investment contract, or security of any type.”
How did the launch of $melania affect $trump?
Shortly after the launch of the meme coin, the price of the OFFICIAL TRUMP token or $TRUMP, the meme coin launched by her husband on Friday, dropped. almost 40% at around $35. The president-elect launched $TRUMP on Friday and its market cap peaked at around $15 billion on Sunday, but the volatile asset’s market cap fell below $8 billion after MELANIA’s launch. However, the cryptocurrency managed to pare its losses early Monday after investing app Robinhood. announcement the token was “now available for trading” on its platform. Early Monday morning, the price of $TRUMP stood at $53.12, equating to a market cap of $10.62 billion. This makes $TRUMP the 18th most valuable crypto token by market capitalization.
What do we know about $Trump?
The president-elect announcement the launch of his coin even in a Truth on social media Friday night, which read: “My NEW official Trump meme is HERE!” It’s time to celebrate everything we stand for: WINNING! » The token rose sharply overnight and its price had more than tripled by Saturday morning. Early on Sunday, the token’s price briefly rose above $75. The room website indicates that 200 million tokens were made available at launch and that the overall supply will slowly increase to one billion tokens over the next three years. The 800 million tokens that have not been made public are currently held by CIC Digital LLC, a subsidiary of the Trump Organization, and Fight Fight Fight LLC, which was incorporated in Delaware on January 7.
Large number
450,653. This is the total number of crypto wallets holding $MELANIA as of Monday morning, according to the Solscan Tracker.
Further reading
Donald Trump Launches $TRUMP Meme Coin: Token Reaches $9 Billion Market Cap (Forbes)