Trump meme coin crashes dramatically as Melania’s coin hits Crypto: ‘Beyond crazy’

The cryptocurrency world was rocked this weekend Donald Trump“official” com. memecoin Debuting before his inauguration, its value rose briefly before crashing spectacularly. Melania Trump, the incoming First Lady, introduced her own cryptocurrency, $MELANIA, on January 20 (late Sunday US time). This new coin caused a temporary 50% drop in the value of the Trump coin owned by her husband.

Melania Trump launches her own meme coin

“Official Melania Mimi is live! “You can buy a Melania Dollar now,” Melania dropped the ad on her social media right before Trump’s victory rally in DC. This new currency quickly gained attention, with the price rising to more than $5 and the market capitalization exceeding $5 billion, according to Forbes. Melania made the announcement herself on X (formerly Twitter), to encourage traders to buy her coin.

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Trump coin crashes as Melania coin rises

Trumpcoin skyrocketed upon its debut, reaching a staggering market cap of $14 billion, making it one of the top 20 cryptocurrencies by market cap. However, the excitement was short-lived.

The debut of the Melania coin had an immediate impact on the value of the Trump coin. Within minutes of the announcement, the Trump token lost nearly 40% of its value, as many traders including those who had earlier invested in the Trump token quickly sold their holdings to buy the new $Melania token. Analysts noted that the price of the Trump token dropped by $7.5 billion in just 10 minutes after the coin was launched.

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Al Qubaisi’s message analysts took to X to declare, “This is beyond crazy. Less than 48 hours ago, Donald Trump launched Trump Coin which just wiped out $7.5 billion in market cap in 10 minutes. In the minutes following the launch of the Melania Trump token, we saw huge sell orders in Trump dollars.”

David Sachs, a Trump-appointed cryptocurrency advisor, recently declared that the “reign of terror” against… encryption It’s over, signaling a new era of cryptocurrency innovation in the United States.