Trumps Top Crypto Charts With Surprise Memecoins

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  • Donald and Melania Trump have topped the crypto charts with their respective memecoins
  • The TRUMP memecoin, launched Friday, has surged in value but faced a significant drop after Melania Trump introduced her own rival cryptocurrency, MELANIA
  • Industry experts have criticized the timing and structure of the TRUMP coin, with concerns about insider holdings and potential harm to retail investors

Donald and Melania Trump have topped the crypto charts by launching memecoins in their names and sucking the liquidity out of the rest of the market. Melania launched her coin, MELANIA, on Sunday night, 48 hours after incoming president Donald Trump became the first president in any country to launch his own memecoin, TRUMP. The use of the presidential status to enrich himself through a memecoin has taken many by surprise, whereas others are less shocked at the actions of the world’s most powerful man grifter doing the same thing again.

MELANIA Cannabalises TRUMP

The TRUMP coin, introduced on Trump’s Truth Social platform, initially captivated the market, with its value skyrocketing from $6 to $75 within hours. Promoted as “the only official Trump meme,” the token drew attention as one of the largest memecoins in circulation. However, Melania Trump’s announcement of MELANIA cannibalised TRUMP’s hold over the crypto market, quickly reaching a market cap of $8.5 billion by Sunday evening, resulting in TRUMP’s market cap losing over $7 billion before partially recovering.

The function of the two coins is spurious at best; according to the TRUMP coin project’s website, the coin is intended to serve as an expression of support and engagement with the ideals represented by the TRUMP symbol and its associated creative works. Melania’s coin, marketed as a “digital collectible” tied to her values, whatever they are, was positioned as an expression of support rather than a financial product. “This is not an investment opportunity,” the launch statement clarified. 

The launch of TRUMP has sparked debate within the crypto community, many of whom were disappointed given that Trump had talked up Bitcoin on the campaign trail. Instead, he has launched a memecoin of which he owns 80% of all the coins in circulation, allowing him to use his position as incoming US president to bolster sales. This, however, doesn’t seem to have stopped many trying to ride on Trump’s coattails as his inauguration approaches.

Bitcoiners Blindsided

Bitcoiners were enthused by Trump’s supposed support of the cryptocurrency on the campaign trail, expecting an announcement of a strategic reserve, as well as provisions for Bitcoin miners in the US. What they didn’t expect was Trump to forgo anything related to Bitcoin and trash the already despised industry with his own project, with even his supporters calling him out:

Former Trump associate turned critic and crypto supporter Anthony Scaramucci warned that the launch of the twin cryptocurrencies was an indictment on the pair’s priorities:

Major exchanges like Binance and Coinbase have since announced plans to cash in on the frenzy, which began on smaller exchanges, with the performance of the coins likely to fluctuate wildly before and after the event. Whatever happens with the two coins, their very existence has taken the crypto space, and the US presidency, into unchartered waters.

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