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It seems that the incoming first lady of the US has just launched her own meme coin, aptly called $MELANIA. And the $TRUMP meme coin is plunging precipitously in response.
To wit, just moments ago, the incoming first lady announced the launch of her official meme coin, $MELANIA. However, in direct opposition to the suave launch of the $TRUMP meme coin, this appears to be a somewhat haphazard effort, leading to early rampant speculation that the first lady's account might have been hacked.
Trump shared on his Truth Social account the launch of an official token named “Melania Meme” (MELANIA) by his wife, Melania Trump. According to Conor’s tweet, the newly launched Melania token, valued at several billion dollars, differs structurally from the TRUMP token. The…
— Wu Blockchain (@WuBlockchain) January 19, 2025
However, Trump's subsequent post on Truth Social seems to confirm the veracity of the new meme coin's launch.
BREAKING: Donald Trump’s memecoin, $TRUMP, crashes over -40% as Melania Trump launches her own memecoin.
This is beyond insane. pic.twitter.com/6Oj2GGqjqF
— The Kobeissi Letter (@KobeissiLetter) January 19, 2025
And, just like that, the $TRUMP meme coin has plunged by ~40 percent, shaving off a sizable chunk of the incoming US president's newly christened net worth hike.
Before the launch of the $MELANIA meme coin, the $TRUMP coin was trading with a market cap of ~$13 billion earlier today. What's more, when taking into account the 800 million $TRUMP coins that will be issued over the next three years, the meme coin's fully-diluted value had swelled to a whopping $70 billion by this morning, resulting in a ~$60 billion increase in Trump's net worth, given his control over those yet-to-be-issued $TRUMP coins via an affiliate of the Trump Organization, CIC Digital LLC.
Those gains, however, are fading fast with the launch of the $MELANIA meme coin and the ensuing chorus of a rugpull.
At the time of writing, the market cap of the $TRUMP meme coin is down to $8.4 billion. Its fully-diluted valuation has also declined to ~$42 billion.
On a more granular level, $MELANIA coin's dedicated website shows that it is also based on the Solana blockchain. The website goes on to note:
Melania memes are digital collectibles intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA. and the associated artwork.
Around 15 percent of the $MELANIA meme coin's total supply is slated for public release, and a further 20 percent is reserved for the coin's community.
