Before his inauguration, Donald Trump’s official meme coin made a spectacular debut sending its value skyrocketing for a brief moment before crashing spectacularly rocking the cryptocurrency world this past weekend.
On January 20 (late Sunday US time) Melania Trump the incoming First Lady unveiled her meme coin $MELANIA.
Upon its launch, Trump’s coin surged to an incredible $14 billion in market value placing it among the top 20 cryptocurrencies by market capitalization.
But the thrill didn’t last long. The value of Trump’s meme coin was immediately impacted by Melania’s coin launch.
The Kobeissi Letter analysts took to X to declare, “This is beyond insane. Less than 48 hours ago, Donald Trump launched $trump which just erased $7.5 billion in market cap in 10 minutes. In the minutes around the launch of Melania Trump’s token, we saw massive sell orders in $trump.
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David Sacks, a Trump-appointed crypto advisor, recently declared that the “reign of terror” against crypto is over, signalling a new era of U.S. crypto innovation.
Following the announcement Trump’s coin saw a nearly 40% decline in value and many traders including those who had previously purchased Trump tokens promptly sold their holdings to invest in the new $MELANIA coin.
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Analysts noticed that within ten minutes of the coin launch, the price of Trump’s token had fallen by $7. 5 billion.
