The memecoin created by President-elect Donald Trump experienced a sharp decline of 28% after Melania Trump, the incoming First Lady, introduced her own memecoin, which achieved a $4 billion market valuation within just 30 minutes of its launch. According to DEXScreener data, the market capitalization of MELANIA exhibited significant volatility during its first half-hour, climbing beyond $5 billion.
Simultaneously, the market capitalization of Donald Trump's OFFICIAL TRUMP (TRUMP) coin dropped by $5 billion, plummeting 38% from $74.6 to $45.9 in just 40 minutes, as per CoinMarketCap statistics.
Donald Trump had launched his memecoin, $Trump, on Friday ahead of his upcoming second term as President. The 78-year-old announced the launch on X (formerly Twitter) and Truth Social.
About Melania Trump’s Memecoin
Melania Trump promoted her memecoin to her 3.2 million followers on X, and the announcement was later retweeted by the President-elect. The purpose of the memecoin, as reported by Coin Telegraph, is to express "engagement" and "support" for the incoming First Lady, and it is "not intended" as a financial opportunity.
The memecoin’s launch comes just one day before Donald Trump’s inauguration on January 20. According to the token’s official page, 35% of the supply has been allocated to team vesting, 20% to the community and treasury, 15% to the general public, and 10% for liquidity.
However, blockchain analytics firm Bubblemaps revealed that a single wallet holds nearly 90% of the token supply, raising questions about the coin’s distribution.
