Key takeaways
- A meme associated with Donald Trump dropped more than 40% on the launch of Melania Trump’s MELANIA token.
- Melania, based on Solana, reached a valuation of $10 billion within three hours of launch.
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TrumpThe official meme coin of President-elect Donald Trump has lost more than 40% of its value after Melania Trump dropped her own meme coin, MELANIA.
Trump’s meme token traded at around $72 on Sunday and fell below $39 on Sunday evening, CoinGecko Data He appears. The sell-off wiped $6 billion off its market value, which peaked at about $14.5 billion during the day.
The recent price decline has knocked it out of the top two coins by market capitalization, with Shiba Inu (SHIB) returning to second place. Earlier today, Trump I exceeded Both SHIB and PEPE enter the top tier of meme coin rankings.
The value of the token is currently around $46, reflecting a 68% increase over the past 24 hours.
Melania unveil MELANIA icon on Truth Social and X, which was widely viewed as legitimate after Trump retweeted the ad.
The Solana-based meme coin quickly achieved a fully diluted valuation of $12 billion in less than three hours of launch, according to Data From Dex Screener.
Information from the project’s official website indicates that 35% will be allocated to the team, 20% to each of the treasury and the community, and 15% to the public.
According to Bubblemaps, 89% of the token supply was initially owned by a single wallet before it was split into four, which does not match the information on the site.
to update:
The original 89% address (GtdNP) is split into four main wallets containing 30%, 30%, 20% and 6%.
Check the map below for live updates ↓ https://t.co/w7I7BwO8I8 pic.twitter.com/YrwOU4qWkY
– Bubble Maps (@bubblemaps) January 19, 2025
Bad development
Blockchain experts point out that the official Trump and Melania Memes are separate projects launched by different teams without coordination.
Conor Grogan, head of product business operations at Coinbase, said that the wallet handling the creation of the Melania Trump token was previously active on the memecoin launch platform Pump.fun and was not a multi-signature wallet, unlike the one used for the Donald Trump token.
He expressed his opinion about X, noting that the team behind Melania’s icon appears less professional compared to those running Donald Trump’s icon.
This Melania coin that was released a few minutes ago (and is worth a few billion) appears to be designed differently than the Trump coin.
The Creator Wallet was funded through a wallet trading on PumpFun, and there is no sign of multisig (Trump had one set up before launch) pic.twitter.com/RZjS0sTiCS
– Connor (@jconorgrogan) January 19, 2025
Blockchain engineer Cigar suggested that Melania’s creation was the result of an attempted “scam,” noting that the website associated with the token was poorly created and lacked adequate security measures. In comparison, Trump’s official website is properly set up.
So, this meme site was set up yesterday, has no cloud protection, and has some unverified front-end code.
So, yeah, people definitely complain here. At least the Trump coin was planned weeks in advance. pic.twitter.com/hCMvwcgWEZ
– Cigar (@0xcygaar) January 19, 2025
The launch also faced severe backlash from members of the cryptocurrency community. Some said they want SEC Chairman Gary Gensler back.
The rug of legitimate generations and Trump’s stuttering
80% of the $75 billion will be among the 25 richest countries in the world
He left because he needed to launch a new scam on his wife’s crime spree
– Eric Ith (@econoar) January 19, 2025
Another family member and I will ask Gensler back 😭
– Alex Svanevik 🐧 (@ASvanevik) January 19, 2025
We need Gensler back as quickly as possible, because the president just attacked us $Trump pic.twitter.com/v0Qef0yjyE
— Crypto Bitlord (@crypto_bitlord7) January 19, 2025
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