Melania Trump’s recent launch of her meme coin, Melania Meme (MELANIA), has caused a significant impact on the cryptocurrency market, particularly on Donald Trump’s Official Trump (TRUMP) coin. Within just 10 minutes of Melania’s announcement, TRUMP’s market cap plummeted by 55%, entering a bear market phase. This unexpected turn of events came after Melania Trump, the former First Lady of the U.S., unveiled her meme coin on X, sparking a frenzy in the market.
The announcement of Melania Meme coincided with Donald Trump sharing her post during his Victory Rally, further exacerbating the decline in demand for TRUMP. Prior to this, TRUMP had been performing well, with buyer orders surpassing seller orders in the market. The token had even been listed on HashKey Global just the day before Melania’s launch.
However, the selling pressure on TRUMP quickly outweighed the buying pressure after Melania’s announcement, with $351.7 million in sell orders compared to $244.5 million in buys within the first hour post-launch. This imbalance led to a sharp decline in TRUMP’s price, causing its market cap to stabilize at $9.42 billion, with the token trading at $47.19.
The impact of Melania’s meme coin launch was not limited to TRUMP alone, as the selling pressure spilled over to Solana (SOL), causing its value to drop by nearly 20% in minutes. Despite the volatility in the market, TRUMP still boasts around 824,000 holders and is currently valued at approximately $39 billion. With a vesting schedule spanning three years, there is potential for the token to stabilize in the future.
Overall, Melania Trump’s entry into the cryptocurrency market with MELANIA has shaken up the industry and caused a significant shift in demand for TRUMP. As the market continues to react to these developments, it remains to be seen how both tokens will fare in the coming days and weeks.