Melania Trump’s $MELANIA memecoin sends Trump Coin crashing, sends shockwaves through crypto world
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Melania Trump, now the First Lady and wife of President-elect Donald Trump, has sent shockwaves through the cryptocurrency world with the launch of her own memecoin, $MELANIA, today.
This comes just days after Donald Trump unveiled his own memecoin, Trump Coin, which skyrocketed by nearly 300% on cryptocurrency exchanges. However, $MELANIA’s debut has shaken Trump Coin’s meteoric rise. Following the launch, Trump Coin’s value nosedived by 50%, while $MELANIA surged to a market cap of $1.74 billion, according to CoinMarketCap.
Melania announced the launch on her X account, saying, "The Official Melania Meme is live! You can buy $MELANIA now."
Trump Coin briefly dipped to $39 early this morning before recovering to $59.56, while $MELANIA spiked to $11.23, marking an astronomical 8,694.61% rise in value. Initially, the coin had jumped by 2,160.31% within hours of its release.
The cryptocurrency market has been on a high since Donald Trump’s crypto-friendly moves, including his decision to appoint a pro-crypto advocate to lead the Securities and Exchange Commission (SEC). Bitcoin, the world’s largest cryptocurrency, breached the $100,000 mark for the first time on December 5 last year and remains strong, currently trading above $100,000 just hours ahead of Trump’s inauguration.
The Trumps’ bold moves in the crypto space have electrified markets, cementing their influence beyond politics.