Melania Trump, wife of United States President-elect Donald Trump and soon-to-be First Lady, created ripples in the crypto industry today, January 20, by launching her own meme coin, MELANIA. The release sent shockwaves through the cryptocurrency world, briefly destabilizing her husband’s meme coin, TRUMP.
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Within hours of the launch, TRUMP plummeted by 50%, as fans of the President-elect and crypto enthusiasts flocked to invest in MELANIA. Melania Trump announced the launch on social media just before Donald Trump’s inauguration rally in Washington.
Melania declared, “The official Melania Meme is live! You can buy $MELANIA now.”
Melania’s Meme Coin Causes an Upheaval for the Trump Coin
The introduction of the MELANIA coin caused a temporary upheaval, with TRUMP’s value dropping to $41 per token. However, the token quickly rebounded and was trading at $54.94 at the time of writing, with a market cap of $10.6 billion, citing data from Coinmarketcap. This was an impressive recovery of more than 80% from the previous day. Before the launch of MELANIA, TRUMP had a total trading value of nearly $13 billion, making it the 19th most valuable cryptocurrency globally, according to CoinGecko.
Who Owns the Trump Coins?
The ownership dynamics of TRUMP tokens remain intriguing, with Trump affiliates reportedly controlling 800 million tokens, in addition to the 200 million already circulating. This reserve has the potential to unlock as much as $51 billion in value, according to a CoinGecko report.
Meanwhile, the broader cryptocurrency market faced headwinds over the weekend before recovering today. Bitcoin (BTC-USD), Ethereum (ETH-USD) were rising on Monday while Solana (SOL-USD), the blockchain hosting the Trump memecoins, was on the rise, too.
Interestingly, on the project’s website, Melania emphasized that MELANIA is not an investment opportunity or security. Instead, it is described as a digital collectible, symbolizing engagement with the values associated with Melania Trump. Similarly, the fine print for Donald Trump’s token clarifies it is not intended as an investment contract, showcasing the meme-focused nature of both projects.
What Is the Best Crypto Stock to Buy?
For investors interested in investing in the crypto sector, we have rounded up the best stocks to buy that Wall Street analysts are bullish or cautiously optimistic about using the TipRanks Stock Comparison tool. From this graphic, it appears that analysts are bullish about Nvidia (NVDA), Block (SQ), Riot Platforms (RIOT) and MicroStrategy (MSTR).
