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Key Insights
- The presidential couple of the United States have now launched memecoins within days of one another.
- The $MELANIA token looks to be overshadowing the official $TRUMP token, after raking in billions of dollars in market cap.
- This token is struggling around the $0.7 price level and should only be traded after another break above $0.1.
- Meanwhile, insights from CoinCodex shows a possible doubling in price by February.
The crypto space is now buzzing with a new memecoin rivalry.
This time, the action is between incoming US president Donald Trump and none other than his wife, Melania Trump.
Melania reportedly dove into the crypto space late on Sunday this week, with a new $MELANIA token that has attracted a lot of speculation so far.
Here’s everything to know about Melania Trump’s new venture, and what to expect from this new $MELANIA token.
$TRUMP on the Decline
Donald Trump’s $TRUMP token was hot in the market between its launch on 17 January and $MELANIA’s launch on 19 January.
However, this cryptocurrency took a massive hit over the weekend, crashing by nearly 40% and losing billions of dollars in market cap.
According to data from CoinMarketCap, the cryptocurrency’s value plummeted from around $75 to less than $50 in less than one hour.
According to data from CoinMarketCap, the cryptocurrency has recovered slightly, and is attempting to break above the $60 price mark once again.
This sudden crash in $TRUMP coincided with the launch of Melania Trump’s new $MELANIA token, which she promoted on Twitter (X), only a day before Donald Trump’s presidential inauguration.
$MELANIA’s Meteoric Rise
Melania Trump’s $MELANIA token made a dramatic entrance, after skyrocketing to a market cap of $6.14 only two hours after the announcement on 19 January.
This memecoin launch was promoted by the first lady on X, and was amplified by Donald Trump himself—similar to the launch of his own $TRUMP token.
According to data from DexScreener, over 45,000 wallets hurriedly bought the memecoin soon after its release, helping it to achieve the billions in market cap.
Critics have noted similarities between the $TRUMP and $MELANIA memecoins, where the official websites of these projects promoted them as tools for “celebration”, “support” or “engagement” and not traditional investment assets.
Despite $MELANIA’s explosive launch, analytics platforms have pointed out problems with its supply distribution.
For example, BubbleMaps noted that nearly 90% of this token’s supply was held in a single wallet at launch.
Intellectual property records also show that the $MELANIA website, “melaniameme.com,” is owned by MKT World LLC.
MKT World LLC is reportedly a company founded by Melania Trump in 2021, and shares an address with the Trump International Golf Club.
In essence, the memecoin’s launch, popularity and everything else circles back to Donald Trump.
Trading Frenzy and Market Predictions
The launch of $MELANIA has triggered a trading rush so far.
Over 133,000 tokens were traded almost immediately after launch, and data from CoinCodex shows a current price of $0.071.
Analysis from CoinCodex show that the cryptocurrency could be on its way to a 275% price increase by February.
The charts on the other hand, show that $MELANIA has faced strong volatility so far.
The cryptocurrency has declined strongly after its initial spike, and is struggling to hold on to the $0.7 price level.
According to the charts, investors might want to wait for another break above the $0.1 price level before considering further investment.
