Trump meme coin dramatically crashes as Melania’s coin hits Crypto: ‘Beyond insane’
Trump meme coin – Donald Trump’s memecoin saw a rapid rise before crashing 40% after the launch of Melania Trump’s $MELANIA coin, which surged to a $5 billion market cap.
The crypto world was rocked this weekend Donald Trump’s as “official” memecoin made a grand debut ahead of his inauguration, briefly soaring in value before crashing spectacularly. Melania Trump, the incoming First Lady introduced her own meme coin, $MELANIA, on January 20 (late Sunday US time). This new coin caused a temporary 50% drop in the value of her husband’s $TRUMP memecoin.
Melania Trump launches her own meme coin
“The official Melania Meme is live! You can buy $MELANIA now,” Melania dropped the announcement across her social media handles right before Trump’s DC victory rally. This new coin rapidly gained attention, with the price rising to over $5 and a market cap exceeding $5 billion, according to Forbes. Melania made the announcement herself on X (formerly Twitter), encouraging traders to buy her coin.
Trump’s coin crashes as $MELANIA coin gains ground
Trump’s coin skyrocketed upon its debut, reaching a staggering $14 billion in market value, making it one of the top 20 cryptocurrencies by market cap. However, the excitement was short-lived.
Melania’s coin’s debut had an immediate impact on the value of Trump’s memecoin. Within minutes of the announcement, Trump’s coin lost nearly 40% of its value, with many traders including those who earlier invested in Trump token quickly selling off their holdings to buy into the new $MELANIA coin. Analysts observed that the price of Trump’s token had dropped by $7.5 billion in just 10 minutes following the coin launch.
Incoming first lady Melania Trump has joined her husband in the crypto game, launching her own “meme coin” over the weekend.
Announcing the news sunday evening, Melania posted a black-and-white photo of herself smiling with her hands clasped together and wrote, “The Official Melania Meme is live! You can buy $MELANIA now.”
Within hours, the price of the digital asset jumped to more than $12—with an accompanying market cap of more than $12 billion, according to cryptocurrency tracker DEX Screener.
Like her husband President-elect Donals Trump’s meme coin, $TRUMP, Melania’s coin is a type of cryptocurrency that obtains value as more people invest.
With Thanks and Reference to:https://ca.finance.yahoo.com/news/trump-meme-coin-immediately-crashes-011445964.html and https://www.hindustantimes.com/world-news/us-news/trump-meme-coin-dramatically-crashes-as-melanias-coin-hits-crypto-beyond-insane-101737338955112.html
