Donald Trump’s coin prices drop after his wife Melania also launched a token | Cryptocurrencies

The next first lady of the United States, Melania Trumpfollowed Donald Trump’s example by launching a multibillion-dollar cryptocurrency — briefly dropping the price of her husband’s coin in the process.

The price of the next president’s token, the Trump dollar, was More than three times the price to more than $70 (£57), giving it a total value of more than $14bn shortly after its launch on Friday. However, the launch of his wife’s coin, the Melania Dollar, pared those gains.

Trump, and who will he be? Opened on Mondayposted on social media with the launch of his token: “It’s time to celebrate everything we stand for: winning! Join the very special Trump community. Get your own Trump now. According to the Meme Coin WebsiteTrump’s company, CIC Digital LLC, will own 80% of the coin’s supply.

The token quickly broke into the top 20 cryptocurrencies. That’s the extent of the digital scramble, as it has sucked liquidity from the rest of the market, blockchain analysts said. Causing the value of other coins to declineas traders sold their existing holdings to buy into Trump properties.

Melania’s launch appears to have had a similar unintended effect on the market, with some traders selling the Trump meme for a new target. “The official Melania meme is now available! You can buy a Melania dollar now,” she posted on X, which Trump reposted.

Shortly after Melania’s launch, Trump’s price fell by more than 50%, from $75 to $30, before steadily rebounding in the following hours to about $64. Melania’s company’s market value has reached $13 billion.

“This is beyond crazy,” say analysts at The Kobeissi Letter to publish On In the minutes following the launch of the Melania Trump token, we saw huge sell orders in Trump dollars.”

Separately, Bitcoin – the world’s most popular digital currency – has reached a new record highup 4% to $108,943 Monday morning. The currency has made significant gains since Trump won the election in November.

A Meme coin It is a type of cryptocurrency inspired by trends such as internet memes without any inherent utility, and is often vulnerable to price fluctuations and crashes. Coin you launched “Hawk Toa Girl” Haley Welsh decreased 95% Shortly after its release last month, its market cap dropped from $500 million to $25 million.

The coins were meme described By traders as a “pure form of gambling” and akin to “buying a lottery ticket”.

Some cryptocurrency enthusiasts praised the release of the Trump coin, saying it was symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration. Trump did It promised to enter into crypto-friendly regulations It selected its supporters to hold key government positions.

But it also raised concerns about conflicts of interest and criticism about trying to personally profit from political office.

Trump Batches of cryptocurrency trading cards have been issued During his presidential campaign, he generated more than $4 million per issue. His sons Eric Trump and Donald Trump Jr. also launched a cryptocurrency venture, World Liberty Financial, in 2024. Raising concerns From an overt conflict of interest.

The Trump meme website includes a disclaimer that states: “Trump memes are intended to serve as an expression of support for and interaction with the ideals and beliefs embodied by the symbol “$Trump” and associated artwork, and are not intended to be or be the subject of an investment opportunity or An investment contract or guarantee of any kind.

“GetTrumpMemes.com is not a political website and is not affiliated with any political campaign, political office, or government agency.”

Melania’s Meme Coin website has a similar disclaimer.