Key takeaways
- The meme token associated with Donald Trump fell more than 40% during the launch of Melania Trump’s MELANIA token.
- MELANIA, based on Solana, reached a valuation of $10 billion within three hours of its launch.
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TRUMP, the official meme coin of President-elect Donald Trump, lost more than 40% of its value after Melania Trump dropped her own meme coin, MELANIA.
The Trump meme token traded at around $72 on Sunday and fell below $39 late Sunday, according to CoinGecko data. The sale wiped $6 billion off its market value, which peaked at around $14.5 billion during the day.
The recent price drop pushed it out of the top two coins by market capitalization, as Shiba Inu (SHIB) returned to the second position. Earlier today, TRUMP surpassed SHIB and PEPE, entering the top spot in the meme coin rankings.
The token is currently valued at around $46, reflecting a 68% increase over the past 24 hours.
Melania revealed the MELANIA token on Truth Social and X, which was widely perceived as legitimate after Trump retweeted the announcement.
The Solana-based meme coin quickly reached a valuation of $12 billion in less than three hours after its launch, according to data from Dexscreener.
Information from the project’s official website indicates that it will allocate 35% to the team, 20% each to the treasury and community, 15% to the public, and 10% to cash flow.
According to Bubblemaps, 89% of the token supply was initially owned by a single wallet before being split into four, which did not match the site’s information.
UPDATE:
the original 89% address (GtdNP) was divided into four main wallets holding 30%, 30%, 20% and 6%
check the map below for LIVE updates ↓ pic.twitter.com/YrwOU4qWkY
– Bubble Maps (@bubblemaps) January 19, 2025
Bad development
Blockchain experts suggest that Official Trump and Melania Memes are separate projects launched by different teams without coordination.
Conor Grogan, head of product business operations at Coinbase, said the wallet managing the creation of Melania Trump’s token was previously active on the memecoin launchpad Pump.fun and was not a multisignature wallet, unlike the one used for Donald Trump’s token.
He expressed his opinion on
This Melania coin launched a few minutes ago (and worth a few billion) seems to be structured differently than TRUMP.
The creator’s wallet was funded by a wallet traded on PumpFun, and there is no sign of multisig (Trump had a setup before launch) pic.twitter.com/RZjS0sTiCS
-Conor (@jconorgrogan) January 19, 2025
Blockchain engineer Cygaar suggested that MELANIA was created with the aim of “scamming,” noting that the website associated with the token was poorly constructed and lacked adequate security measures. In comparison, Trump’s official website was done correctly.
So this Melania meme site was set up yesterday, has no cloudflare protection, and has half-assed front-end code.
So yeah, people are definitely making fun here. At least the Trump play was planned weeks in advance. pic.twitter.com/hCMvwcgWEZ
– cygaar (@0xCygaar) January 19, 2025
The launch also faced intense backlash from members of the crypto community. Some said they wanted SEC Chairman Gary Gensler back.
Trump’s Legitimate Generational Rugs and Groping
80% of FDV’s $75 billion would be among the 25 richest in the world
Left because he needed to start a new case for his wife on the crime ring
– eric.eth (@econoar) January 19, 2025
one more family member and I’m going to ask gensler to come back 😭
–Alex Svanevik 🐧 (@ASvanevik) January 19, 2025
We need Gensler back ASAP, the president just RUGGED us $ASSET pic.twitter.com/v0Qef0yjyE
– Crypto Bitlord (@crypto_bitlord7) January 19, 2025
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