The introduction of Melania Meme (MELANIA) cryptocurrency by Melania Trump has led to a significant drop in the demand for Donald Trump’s Official Trump (TRUMP) coin. This decline has resulted in a 55% decrease in TRUMP’s market capitalization within a short span of 10 minutes, pushing it into a bear market phase.
Beginning on January 20th, Melania Trump, who was previously the First Lady of the United States, declared the debut of her meme-based cryptocurrency, known as MELANIA, on platform X.
The iconic “Official Melania Meme” is now active!
If you’re interested, you can acquire $MELANIA tokens right now.
FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P
— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025
After she made an announcement, Donald Trump mentioned it at one of his victory events. This surprising action caused a significant decrease in interest for TRUMP, the cryptocurrency that Donald Trump introduced only 48 hours prior.
Initially soaring past a $14 billion market valuation, the TRUMP cryptocurrency plunged by a significant 55% in merely 10 minutes following Melania’s statement. At present, its market cap is holding steady at approximately $9.42 billion, with each token being traded for around $47.19.
A short while later, we shared on X that the coin had been released.
Before Donald Trump shared her announcement, the value of $TRUMP remained relatively unchanged.
Following his repost and our breaking news post, the value of $TRUMP plummeted by 55% within minutes.
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— The Kobeissi Letter (@KobeissiLetter) January 19, 2025
Prior to MELANIA’s debut, TRUMP was experiencing success as demand for buying exceeded selling in the market. The token was added to HashKey Global on January 19. As reported by Kobeissi Letter, significant sell orders, valued between $1 million and $5 million, had amassed in the open market.
Due to intense selling activity, Solana’s cryptocurrency, $SOL, plummeted approximately 20% within a short period of time.
The market atmosphere shifted dramatically from a buying frenzy to a panic sell-off.
In the aftermath of the launch, the collective market capitalization of memecoins surpassed $10 billion was quickly wiped out.
— The Kobeissi Letter (@KobeissiLetter) January 19, 2025
Upon Melania’s introduction, the rush to sell Trump significantly outpaced the eagerness to buy, with a staggering $351.7 million worth of sell orders against just $244.5 million in buy orders within the first hour. This imbalance clearly had an impact on Trump’s price, causing it to dip. As a crypto investor, this dynamic was evident and influenced my own trading decisions.
Additionally, Kobeissi Letter observed a wave of selling demand for TRUMP affecting Solana (SOL) as well, leading to a swift decrease in SOL’s value by almost 20%.
Despite its volatile nature, TRUMP continues to have about 824,000 holders, and its current value stands at around $39 billion. Moreover, given that the token’s vesting period extends over three years, there is a possibility for it to become more stable in the future.
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2025-01-20 07:38