Melania Trump shook up the crypto world on Jan. 19 by launching her self-titled memecoin, MELANIA, which skyrocketed to an $1.5 billion market cap in just 9 hours. The token is now trading at $11.85, marking a 22,000% rise since its launch.
However, the debut came at a cost to her husband’s token, TRUMP, which saw its price plummet 38% from $74.6 to $45.9 in 40 minutes, wiping $5 billion off its market cap, according to CoinMarketCap.
The MELANIA token, which was announced in an X post by Melania and backed by Donald Trump, had more than 45,000 wallets within an hour of its launch at 9 PM UTC, as per DEXScreener.
Melania’s token aims at “support” and “engagement” with 35% of the total supply for the team, 15% for the treasury, 15% for the community, 10% for the public, and the remaining 5% for liquidity.
But the blockchain analytics platform Bubblemaps has pointed out that 90 percent of MELANIA in circulation is owned by a single wallet, which has sparked doubts about the token’s transparency.
Crypto analysts provided a split view. Coinbase executive Conor Grogan stated that MELANIA looks less professionally planned than TRUMP, and developer “cygaar” pointed to the insecure web site of the project, which was registered only a day before the start of the ICO.
Notably, the website “melaniameme.com” belongs to MKT World LLC, the company associated with Melania Trump since 2021. The memecoin launches occur a day before Donald Trump’s January 20 presidential inauguration, which creates an interesting crypto war within the Trump family.
Also Read: Top TRUMP Traders Make $400M in Profits: Insiders or Just Lucky?
