What To Know About Melania Trump’s New Meme Coin As Market Cap Crosses $2 Billion

The price of a similar meme coin that her husband, President-elect Donald Trump, launched two days ago fell precipitously after incoming First Lady Melania Trump announced the launch of a meme coin that trades on the Solana blockchain platform on Sunday. This sparked worries from executives in the cryptocurrency industry that meme coins could hurt the market.

Key Points

• On Sunday afternoon, the incoming first lady published a link to a website where people could buy the “Official Melania Meme,” or $MELANIA token.
• The $MELANIA coin had a market value of $2.15 billion and was trading at about $11.22 early on Monday.
• $MELANIA’s market capitalization places it in the top 60 most valuable cryptocurrencies globally, per CoinMarketCap’s tracker.
• Melania Trump founded the Florida business MKT World in 2021, and it is disbursing the token on the Solana blockchain platform.
• Details about the coin are limited but the website notes that the incoming first lady’s team has reserved 35% of the token’s supply—which will remain locked for the first 30 days.

What Other Information Is Available About $melania?

Melania Trump published a link to buy meme coins, including a disclaimer stating that the tokens are “digital collectables intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA and the associated artwork.” The notice further clarifies that the meme coins are not intended to be “an investment opportunity, investment contract, or security of any type.”

What Impact Did Melania’s Launch Have on Trump?

The price of her husband’s meme coin, the OFFICIAL TRUMP token, or $TRUMP, dropped by around 40% to about $35 shortly after it was introduced. Following MELANIA’s introduction, the volatile asset’s market capitalization fell below $8 billion. The president-elect introduced the $TRUMP on Friday, and its market capitalization peaked on Sunday at almost $15 billion. However, when the investing app Robinhood declared the token was “now available to trade” on its platform, the cryptocurrency was able to recover some of its losses early on Monday. The price of $TRUMP is $53.12 as of early Monday morning, which is equivalent to a market valuation of $10.62 billion. As a result, $TRUMP is now the 18th most valuable cryptocurrency token on the market.

What Is Known About Donald Trump?

On Friday night, the president-elect posted on Truth Social to herald the introduction of his meme coin, writing: “My NEW Official Trump Meme is HERE! Now is the moment to honor our core value: WINNING! The price of the token more than quadrupled by Saturday morning after a strong overnight rally. The price of the token momentarily crossed $75 early on Sunday. According to the coin’s website, 200 million tokens were made accessible upon launch, and over the following three years, the total supply would gradually increase to one billion tokens. Fight Fight Fight LLC, which was registered in Delaware on January 7, and CIC Digital LLC, a subsidiary of the Trump Organization, presently hold the 800 million tokens that have not been made public.

Big Number

450,653. That is the total number of crypto wallets which hold $MELANIA as of Monday morning, according to the Solscan tracker.

 

Source : Forbes