Trump's cryptocurrency crashed due to his wife Melania's meme coin
Trump's wife's meme coin MELANIA soared by 10 000% just an hour after its launch. The coin's capitalization has already reached $5 billion.
"You can buy $MELANIA now," Melania Trump wrote.
The Official Melania Meme is live!You can buy $MELANIA now. https://t.co/8FXvlMBhVfFUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6
— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025
Melania's cryptocurrency launch has sent the price of the memecoin called $TRUMP, which made a splash over the weekend, crashing by 36% in the middle of the day after Donald Trump tweeted about the launch of a new memecoin for his wife, Investing.com reports
Amid the launch of $MELANIA, the Bitcoin price has also fallen to $99 000, according to Binance data.
On January 18, Donald Trump announced the launch of his joke cryptocurrency on the Truth Social platform and the X social network. Despite mid-day losses, $TRUMP is still up 7000% since its launch on Friday. This growth has brought significant profits to the president-elect, amounting to billions.
$TRUMP has a market cap of approximately $33 billion.
Meme coin is a cryptocurrency with no fundamental value, created for the sake of a joke and to earn money on the growth of its rate.
Earlier, during the US elections, Bitcoin has surpassed $106 000 for the first time in history.