Yuri Chekalin
The incoming US first lady, Melania Trump, has followed Donald Trump’s lead by launching a multibillion-dollar cryptocurrency meme coin – briefly tanking the price of her husband’s coin in the process.
The price of the incoming president’s token, $Trump, had more than tripled in price to more than $70, giving it a total value of over $14bn shortly after its launch on Friday.
However, the launch of his wife’s coin, $Melania, pared back those gains. Trump, who will be inaugurated today, posted on social media as his token launched: “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.”
According to the meme coin’s website, a Trump-owned company, CIC Digital LLC, will own 80% of the coin’s supply. A federal judge has blocked President Donald Trump’s attempts to ban TikTok, the latest legal defeat for the administration as it tries to wrest the popular app from its Chinese owners.
TikTok says it is restoring service in US after Trump vowed to delay ban Read more The token quickly broke into the top 20 of all cryptocurrencies. Such was the extent of the digital stampede, blockchain analysts said, it sucked liquidity from the rest of the market, causing other coins to fall in value, as traders sold their existing holdings to buy in to Trump’s. Melania’s launch appeared to have a similarly unintended effect on the market, as some traders sold the Trump meme coin for a new target.
“The Official Melania Meme is live! You can buy $MELANIA now,” she posted on X, which was reposted by Trump. Shortly after the launch of $Melania, the price of $Trump fell by more than 50%, from $75 to $30, before recovering steadily in subsequent hours to about $64. The market capitalisation of $Melania reached as high as $13bn.
The Trump meme coin’s website included a disclaimer stating: “Trump memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$Trump’ and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type. “GetTrumpMemes.com is not political and has nothing to do with any political campaign or any political office or governmental agency.” Melania’s meme coin website has a similar disclaimer.
Alexander Palladin
