Mon Jan 20 08:47:48 UTC 2025: **Trump and Melania Meme Coins Cause Crypto Market Volatility**
NEW YORK – The launch of cryptocurrency meme coins named after Donald and Melania Trump has sent shockwaves through the cryptocurrency market, causing significant price swings and raising concerns among experts.
The “#TRUMP” coin, launched on January 17th, quickly surged into the top 20 cryptocurrencies by market capitalization, reaching a valuation of $14 billion. However, the coin experienced a dramatic 40% drop within 24 hours of the January 20th launch of the competing “#MELANIA” coin.
Both coins, built on the Solana blockchain, are described as fungible assets allowing for transactions and speculation. Avinash Shekhar, co-founder and CEO of Pi42, warned that such speculative assets divert market liquidity and increase volatility. Melania Trump herself promoted the “#MELANIA” coin via a link on X (formerly Twitter).
While the Trump-related coins dominated headlines, Bitcoin also saw significant fluctuation, trading above $101,889 after dipping below $100,000. Shekhar noted that Bitcoin faces a crucial test at $105,000, with a potential rise to $110,000 or a drop to $95,000 depending on market conditions. XRP, meanwhile, continues an upward trend.
Investors can purchase “#TRUMP” on exchanges like Binance (requiring USDT beforehand), and “#MELANIA” through the melaniameme.com website using a Solana wallet or credit card. The market impact of these meme coins, and their long-term viability, remains uncertain.
First Piper 