1736841954-0/Untitled-design-(69)1736841954-0.png "photo reuters")
The crypto world has been rocked by the launch of the "official" Donald Trump memecoin, which skyrocketed in value after its Friday evening debut, briefly reaching a $14 billion market cap.
The coin quickly broke into the top 20 cryptocurrencies by market capitalization, sparking a frenzy among traders.
However, the market dynamics shifted dramatically with the unexpected launch of Melania Trump's own cryptocurrency, $MELANIA. The announcement came with a link to a website selling the coin, and it instantly surged in value, surpassing $5 and reaching a market cap of over $5 billion.
Like Trump’s coin, Melania’s memecoin is based on the Solana blockchain, which is known for its speed and low transaction costs. The new launch caused a sharp drop in the value of Trump’s memecoin, plummeting by about 40% as traders rushed to buy Melania’s coin. Analysts noted that in just minutes, $7.5 billion was wiped off Trump’s coin market cap.
This sudden turn of events comes on the heels of statements by David Sacks, Trump’s appointed crypto czar, who declared the beginning of a new era of crypto innovation in America. The ongoing crypto chaos has left many wondering if the Trump family will continue to shake up the market with more digital assets.
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