Melanie Trump's meme coin launch causes 40 percent drop in value of trump coin

2025-01-20 02:16:05

(MENAFN) The meme coin launched by US President Donald Trump earlier this week saw a dramatic 40 percent decline in value on Sunday, following the introduction of a rival token by Melania Trump, the soon-to-be first lady.

Melania unveiled her meme coin to her 3.4 million followers on X on Sunday night, quickly gaining momentum. Promoted through her social media platforms, the coin reached a market cap of USD4 billion just 30 minutes after launch, according to DEXScreener.

Donald Trump retweeted her announcement, boosting the coin’s exposure. Within an hour, the MELANIA token attracted nearly 20,000 investors, leading to significant fluctuations in the crypto market. Meanwhile, the TRUMP coin, valued at USD15 billion earlier that day, saw its market cap drop by USD5 billion, as reported by CoinMarketCap.

The official website of the MELANIA token presents it as a way to "support" and "engage" with Melania Trump, while clarifying that the token is "not intended" to be an investment.

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