Donald Trump’s meme coin, TRUMP, lost over 40% of its value after Melania Trump launched her own meme coin, MELANIA. Here’s what happened:
- TRUMP’s Value Drop: TRUMP was trading at around $72 on Sunday but dropped below $39 by the evening, resulting in a $6 billion reduction in market value.
- MELANIA’s Launch: Melania Trump announced the launch of her meme coin on X and Truth Social, which quickly gained traction and achieved a valuation of $12 billion within three hours.
- Market Capitalization: TRUMP had surpassed Shiba Inu (SHIB) and PEPE, entering the top tier of meme coin rankings, but the recent price drop knocked it out of the top two meme coins by market capitalization.
- Token Allocation: The MELANIA token will allocate 35% to the team, 20% each to the treasury and community, 15% to the public, and 10% to liquidity.
- Controversy: Blockchain experts suggest that the Official Trump and Melania Memes are separate projects launched by different teams with no coordination, and some have criticized the creation of the MELANIA token as an attempt to “grift”.
Source: Nairametrics
