Donald Trump meme coin price tanks after wife Melania also launches token
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The president-elect’s $Trump coin more than halved in value before steadily recovering on Sunday. The incoming US first lady, Melania Trump, has followed Donald Trump’s lead by launching a multibillion-dollar cryptocurrency meme coin – briefly tanking the price of her husband’s coin in the process.
The price of the incoming president’s token, $Trump, had more than tripled in price to more than $70 (£57), giving it a total value of over $14bn shortly after its launch on Friday. However, the launch of his wife’s coin, $Melania, pared back those gains.
Trump, who will be inaugurated on Monday, posted on social media as his token launched: “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.”. According to the meme coin’s website, a company, CIC Digital LLC, will own 80% of the coin’s supply.
The token quickly broke into the top 20 of all cryptocurrencies. Such was the extent of the digital stampede, blockchain analysts said, it sucked liquidity from the rest of the market, causing other coins to fall in value, as traders sold their existing holdings to buy in to Trump’s.
Melania’s launch appeared to have a similarly unintended effect on the market, as some traders sold the Trump meme coin for a new target. “The Official Melania Meme is live! You can buy $MELANIA now,” she posted on X, which was reposted by Trump.
