Key Points
- Melania Trump launched her own memecoin, MELANIA, reaching a $2 billion market cap within hours.
- The launch has sparked debate within the crypto community about the impact of political memecoins on utility-driven cryptocurrency projects.
Melania Trump, the First Lady of the United States, has entered the cryptocurrency market with the launch of her own memecoin, MELANIA. This comes following the launch of her husband’s, Donald Trump, own memecoin, TRUMP.
Launch of MELANIA and TRUMP Memecoins
The announcement of the MELANIA memecoin was made via a social media post. In a short span, the coin’s value skyrocketed to $13, and it achieved a market cap of $2 billion.
This comes on the heels of President Trump’s own foray into digital assets, with the launch of his TRUMP memecoin. The President made the announcement on Truth Social, stating, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.”
Impact on the Crypto Community
The launch of these political memecoins has created a stir within the crypto community. Critics argue that these initiatives could overshadow real utility-driven projects.
Nate Geraci, the President of ETF Store, commented on the trend, stating, “Memecoin traders are *well aware* they’re playing crypto version of musical chairs. They’re not under some illusion they’re investing in Fortune 500 companies. They know it’s all greater fool theory. They also don’t view memecoins as legit “crypto projects””.
Price Fluctuations of Memecoins
According to the latest update from CoinGecko, TRUMP was trading at $59.43, marking a 32.8% increase in 24 hours. MELANIA surged by 68.4% to reach $12.51 at the time of writing.
Despite the current popularity of these coins, some analyses suggest that this rally may be short-lived, with potential for consolidation or a short-term pullback before any further gains.