Donald Trump’s memecoin experienced a sharp decline after Melania Trump introduced her own memecoin.
The new token, named MELANIA, quickly gained attention, hitting a market capitalization of $6.14 billion within just two hours of its launch at 9 PM UTC on January 19.
Melania Trump introduced her memecoin in a post on X shared by both her and her husband on January 19. The token was bought by more than 45,000 wallets.
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At the same time, Donald Trump’s token, TRUMP, lost $5 billion in market value, dropping 38% from $74.6 to $45.9 in just 40 minutes.
According to a website linked to MELANIA, the memecoin was created to promote “support” and “engagement”. The site clarified that it was not intended to be an investment.
It also outlined a distribution plan, stating that 35% of the tokens were allocated to the development team, while 20% went to the treasury and the community. An additional 15% was made available to the public, with 10% reserved for liquidity.
Coinbase
My guess is that this token was handled by a different team than TRUMP’s. That one looks like professional market makers, this one honestly looks like college kids.
He also noted that the wallet responsible for creating MELANIA was funded by another wallet associated with pump.fun, a Solana
Meanwhile, Franklin Templeton, an investment management firm, recently highlighted the rise of artificial intelligence (AI) tokens. What were they? Read the full story.
