Donald Trump’s meme coin plummets as Melania’s token soars

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Donald Trump’s meme coin, $TRUMP, experienced a sharp 38% drop in value on January 19, erasing $5 billion from its market capitalisation. CoinMarketCap data reveals the token’s price tumbled from $74.6 to $45.9 within 40 minutes after his wife Melania Trump launched a competing memecoin.

Melania Trump’s token, $MELANIA, has taken the crypto world by storm, hitting a $6.14 billion market capitalisation within two hours of launch.

“It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community,” Trump posted on social media on January 17, promoting the tokens. The marketing features Trump with a raised fist alongside the words “FIGHT FIGHT FIGHT,” referencing his response to an assassination attempt during a July political rally.

The Trump coin initially sold for $10 before surging to $70 by Sunday morning.

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People’s reaction and expert take

Supporters view the Trump memecoin as a symbol of the incoming president’s pro-crypto stance, contrasting with the perceived hostility of the Joe Biden administration. Trump has pledged to implement crypto-friendly regulations and has appointed industry advocates to key government roles.

However, critics warn the meme coin could enable undue influence from special interests and foreign entities.

“If people want to gamble, I don’t really care,” said Lee Reiners, a former Federal Reserve economist who is now a lecturer for a center studying global economic markets at Duke University. “What I care about is when this crypto bubble bursts — and it will burst — it will end up impacting people across the economy even if they don’t have direct investment in crypto. And this new coin is making it worse.”

What are meme coins?

Meme coins are a quirky and unpredictable part of the cryptocurrency world. They often start as jokes with no real value but can see their prices soar if enough people buy them. The most famous example is Dogecoin, a cryptocurrency featuring a cute dog mascot with phrases like “much wow.” However, scammers also use meme coins to trick people and make quick money from unsuspecting investors.



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