 "As traders flocked to Melania’s coin, Trump’s token saw its market cap drop by a jaw-dropping $7.5 billion in just 10 minutes. Image Credit: Reuters")
Donald Trump’s new meme coin, trading under the $Trump ticker on the Solana blockchain, made a big splash in the cryptocurrency market over the weekend. After Trump promoted the token on his social media accounts on Friday, it quickly gained momentum, reaching a market value of $15 billion. Crypto fans jumped on the chance to cash in on the hype, but the excitement didn’t last long.
Just a couple of days later, the market turned on its head when Melania Trump launched her own meme coin, $MELANIA, on January 20. The timing couldn’t have been worse for Trump’s token. As soon as $MELANIA hit the market, the value of Trump’s token dropped significantly, causing a sharp decline in its market cap. Investors who had been rushing to buy Trump’s coin quickly sold it off, diving into Melania’s new digital asset instead.
Trump coin soars, then plunges
At first, Trump’s meme coin seemed to be extremely well. It reached a market value of $15 billion in just a few days, making it one of the top 20 cryptocurrencies. The token was promoted as the “only official Trump meme,” with artwork showing the president-elect with his fist raised triumphantly. Despite the big claims, the website made sure to point out that the token wasn’t meant as an investment opportunity.
The coin attracted huge interest, with major exchanges like Coinbase and Binance set to list it. The influx of money into Trump’s token left most other cryptocurrencies struggling, according to hedge fund manager Richard Galvin, who said that the size of the capital flowing into the Trump coin had affected other digital assets, except for Solana (SOL). But then Melania Trump’s announcement hit, and everything changed.
Melania’s coin steals the show
In what seemed like a matter of moments, Melania Trump’s $MELANIA coin was making waves. The price of her coin quickly shot up, and its market cap exceeded $5 billion. Meanwhile, Trump’s token was hit hard, losing almost 40 per cent of its value in just minutes. As traders flocked to Melania’s coin, Trump’s token saw its market cap drop by a jaw-dropping $7.5 billion in just 10 minutes.
The sudden crash was enough to make analysts take notice, with some calling it “insane.” The rapid shifts in value highlight just how volatile the world of meme coins can be. While these tokens often catch fire when they gain traction on social media, they can just as quickly lose steam once attention moves elsewhere.
What’s next for crypto and meme coins?
Despite the wild swings, both Trump and Melania’s coins have captured the fancy of crypto traders. It’s clear that social media influence and celebrity involvement are becoming huge drivers in the world of digital currencies. Trump has long had a friendly stance toward crypto, and now with Melania jumping into the fray, it looks like this trend could continue.
But for all the hype, meme coins are notoriously unpredictable. Will these tokens hold their value, or are they just another fleeting trend in the crypto world? Only time will tell, but one thing’s for sure: in the world of cryptocurrency, things can change in the blink of an eye.