Headline
Title: A Mini Crash for Trump and Melania's Meme Coins Post Peak
The Investment Plunge of Donald and Melania Trump's Crypto Tokens, $TRUMP and $MELANIA, Reveals the Volatility of "Meme Coins" - A Potential Threat to the Crypto Industry's Reputation
Key Points
- The investment value of both the Trump-linked crypto tokens, $TRUMP and $MELANIA, dipped by over 50% since their weekend peak, showcasing the unpredictable nature of "meme coins."
- The price decline of $TRUMP decreased from $75 to a staggering $37.85 on Tuesday, reducing its market value from over $15 billion down to $7.56 billion.
- Regardless of the downward trend, $TRUMP still maintains its rank as the 25th most valuable cryptocurrency in the market.
- The $MELANIA token, following its launch, shed nearly 70% of its value on Tuesday, from $13.70 to $4.31. This drop significantly lessened its market capitalization below $900 million, a drastic decrease from the $2 billion it managed to breach only hours after its release.
- The decline in the worth of both tokens appears to have negatively impacted Solana's native SOL token as well, with its worth reducing by more than 5% in the past 24 hours to $240.
- Bitcoin, the world's most valuable cryptocurrency, also witnessed a decrease, dwindling around 4% from its all-time high of $109,000.
Text Alert Promotion
Sign up for our breaking news text alerts to stay up-to-date with the latest headlines. Text "Alerts" to (201) 335-0739 or subscribe here.
Exploring $TRUMP
- Donald Trump introduced the launch of his meme coin using his Truth Social account on Friday night, declaring: "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!"
- The token's instant success saw its price surge overnight, doubling on Saturday morning, and finally reaching an apex of $75 on Sunday. The coin's website reveals 200 million tokens were made available during the initial release, with the total supply slowly expanding to 1 billion tokens over the next three years. The 800 million left unlaunched is under the supervision of Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC - an entity incorporated in Delaware on January 7th.
Discovering $MELANIA
- First Lady Melania Trump announced the creation of her crypto token, $MELANIA, on Sunday afternoon. $MELANIA tokens were distributed via MKT World, a Florida-based firm established by Melania Trump in 2021.
- The token's website reports that 35% of the token supply will remain locked for the first 30 days, similar to the disclaimer on $TRUMP's purchase page stating the tokens are merely "digital collectibles meant to symbolize support and engagement." The disclaimer also clarifies that the tokens do not function as an investment opportunity or security.
Surprising Facts
- During the Sunday night launch of $MELANIA, $TRUMP experienced a monumental fall of nearly 40% to $35, only to partially regain its worth, reaching approximately $53, after investment app Robinhood announced that the token was due for trading on their platform.
[1] - Market competition and speculation[2] - Transparency concerns[3] - Market volatility[4] - Regulatory scrutiny[5] - Selling pressure
Rewriting for Clarity
The roller coaster-like journey of the Trump-linked crypto tokens, $TRUMP and $MELANIA, is a telling example of the volatile climate surrounding "meme coins"—a potential risk to the crypto industry's esteem. Once valued at seemingly substantial highs, both tokens have unexpectedly plunged to disconcerting lows. The price drop of $TRUMP can be attributed to factors such as market competition and speculation, selling pressure, transparency concerns, and market volatility, among others. Similar elements have also contributed to the turbulence faced by $MELANIA and the wider crypto market, potentially casting doubts on investor confidence and regulatory approval.
The decline in the value of Trump meme coin, $TRUMP, from its peak of $75 to $37.85 on Tuesday, greatly reducing its market value, is a clear indication of the challenges faced by meme coins in the crypto industry. Even with this significant drop, $TRUMP still manages to maintain its position as the 25th most valuable cryptocurrency. Similarly, Melania Trump's meme coin, $MELANIA, also suffered a substantial loss, shedding nearly 70% of its value on Tuesday, impacting its market capitalization significantly.
