After President-elect Donald Trump launched the 'Trump' token on Jan. 17, which quickly secured a spot among the top 20 cryptocurrencies by market capitalisation with a valuation of $14 billion, his wife, Melania Trump, followed suit.
Early on Monday, Melania Trump, the soon-to-be first lady, introduced her own meme coin, $MELANIA.
The new cryptocurrency has attracted attention from Trump supporters and crypto enthusiasts, emphasising the volatile and intriguing nature of digital assets.
As Donald Trump prepares to take office as the 47th president of the United States on Monday, cryptocurrency prices have been on the rise. On Monday, Bitcoin, the world's leading digital currency, reached a record high of $109,241, gaining over 5% in recent days. Meme coins have also taken centre stage during this frenzy.
Melania announced the news of her new meme coin on her X profile. "The Official Melania Meme is live! You can buy $MELANIA now. https://melaniameme.com," she wrote.
The Official Melania Meme is live!
You can buy $MELANIA now. https://t.co/8FXvlMBhVf
FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6Donald Trump addressed the developments during a rally, describing these ventures as "all investments". "Bitcoin has shattered one record after another," he said, signalling his confidence in the crypto market.
$MELANIA vs. $TRUMP
The launch of $MELANIA diverted investments away from $TRUMP, leading to a significant drop in its value. It has also added a competitive dynamic to the Trump family's presence in the digital asset space. Before the debut of Melania's token, Trump-affiliated coins had a total trading value of nearly $13 billion and ranked as the 19th most-valuable cryptocurrency globally, according to CoinGecko.
The price of $TRUMP fell to $41 before recovering to $47.58, as of 7:00 p.m. Its market capitalisation stood at $9.56 billion, according to CoinMarketCap. While, $MELANIA was trading for $8.16 each— with a market cap of $1.56 billion, as of 7:00 p.m.
Regarding ownership of the coins, Trump affiliates appear to control 800 million tokens of $TRUMP in addition to the 200 million already in circulation, unlocking the potential for a valuation of up to $51 billion, as per the CoinGecko report. The coin is managed by CIC Digital LLC, a Trump-owned company that retains ownership of 80% of the token supply, according to the meme coin's website.
Meanwhile, $MELANIA is marketed by MKT World LLC, a Florida-based company owned by Melania Trump. Unlike $TRUMP, the owners of $MELANIA will be able to sell their holdings after 30 days, adding another layer of intrigue to the rivalry.
What Are Meme Coins?
A meme coin is a type of cryptocurrency inspired by internet trends, such as memes, with no inherent utility and is often prone to price swings and crashes. These are fungible cryptocurrency assets, similar to other digital currencies, enabling transactions and speculative trading.
Meme coins have been described by traders as a "pure form of gambling" and akin to "buying a lottery ticket", according to a Guardian report.
The Trump and Melania meme coins have been launched on the Solana blockchain network.
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