Welcome to the crypto presidency. On the eve of Donald Trump‘s presidential inauguration, the crypto world was rocked by an unprecedented “meme coin war” between the President-elect and his wife, Melania Trump. The $TRUMP coin, launched just days ago, saw its meteoric rise abruptly halted as Melania unexpectedly unveiled her own $MELANIA token, causing a seismic shift in the market. Within hours, $TRUMP plummeted over 40%, while $MELANIA soared to a $12 billion valuation.
Price Fluctuations
The high-stakes digital duel of the Trump family not only showcases the volatile nature of meme coins but also raises serious questions about potential conflicts of interest, market manipulation, and the future of cryptocurrency regulation under the incoming administration. As the crypto community reels from this financial family feud, all eyes are on Washington, wondering how this bizarre blockchain battle will shape Trump’s promised role as America’s first “crypto president.”
The $TRUMP coin initially saw a meteoric rise, reaching a market capitalization of nearly $14.5 billion on Sunday, January 195. However, it subsequently experienced a dramatic plunge:
- The coin’s value dropped by over 40% late Sunday
- As of Monday morning, it was trading at around $53.73
- The market cap has settled at approximately $2.65 billion
Melania Trump’s Coin Launch
A major factor contributing to the $TRUMP coin’s volatility was the unexpected launch of a rival meme coin by Melania Trump:
- Melania unveiled the $MELANIA token on Truth Social and X (formerly Twitter)
- The Solana-based $MELANIA coin reached a valuation of $12 billion within three hours of launch5
- This new coin’s introduction caused significant market disruption and led to a sell-off of $TRUMP tokens5
Market Reactions
The crypto community has responded with mixed reactions:
- Some view the launches as a reflection of the incoming administration’s pro-crypto stance7
- Critics argue that these meme coins could allow special interests to attempt to influence the president7
- Blockchain experts have noted differences in the development and structure of the two coins, with some questioning the legitimacy of the $MELANIA token5
Broader Implications
The launch of these presidential meme coins has raised several concerns:
- Ethical questions about a sitting president’s involvement in cryptocurrency promotion2
- Regulatory implications, given Trump’s promises to be a “crypto president”3
- Potential market manipulation and the risks associated with highly volatile meme coins5
Latest Developments
As of Monday, January 20, 2025:
- The $TRUMP coin is now available for trading on Robinhood, a major US-based trading platform11
- Bitget, a leading cryptocurrency exchange, has announced plans to list the $TRUMP token for spot trading18
- The crypto market continues to react, with Bitcoin hitting record highs amid the meme coin frenzy14
This rapid series of events has left the crypto community and financial analysts closely watching for further developments as President-elect Trump prepares for his inauguration later today.