Mon Jan 20 17:34:23 UTC 2025: ## Melania Trump’s Crypto Coin, $MELANIA, Sends Shockwaves Through Market, Plunging $TRUMP
**Washington D.C.** – The cryptocurrency market is reeling after the launch of $MELANIA, a meme coin backed by incoming First Lady Melania Trump, sent the value of its rival, the already-launched $TRUMP, plummeting. $TRUMP, launched by President-elect Donald Trump, initially saw its value triple to over $70. However, the introduction of $MELANIA, swiftly gaining a $13 billion market capitalization and ranking among the top 20 cryptocurrencies, caused a dramatic reversal. $TRUMP’s value subsequently dropped by over 50% in a matter of hours.
Melania Trump announced $MELANIA via a post on X (formerly Twitter), prompting a rush of investment. However, concerns have emerged regarding the coin’s distribution. Blockchain analytics platform Bubblemaps revealed that nearly 90% of the $MELANIA supply is concentrated in a single wallet, contradicting the coin’s website claims of a more diversified distribution. Further, crypto developer cygaar highlighted a lack of initial cybersecurity protection from Cloudflare, citing the coin’s hasty January 18th launch.
The contrasting fortunes of the two Trump-affiliated coins have raised questions about potential conflicts of interest and the use of political influence to manipulate the cryptocurrency market. While some hail $MELANIA’s launch as a success, critics express concerns about transparency and regulatory oversight. The situation underscores the inherent risks and volatility of the cryptocurrency market. The incident follows a broader trend of cryptocurrency gains since Trump’s election win, fueled by his stated plans to deregulate the sector.
First Piper 