Recently, Melania Trump, the esteemed First Lady of the United States, initiated the release of her very own digital currency called Melania Meme[MELANIA]. The value of this coin skyrocketed to $13, capturing a remarkable $2 billion market capitalization in just a few hours.
This revelation was made shortly after President Donald Trump disclosed his own digital currency, named Official Trump[TRUMP] memecoin, which led to a frenzy in the digital currency market.
Public Declaration by Donald Trump and Melania Trump
Unsurprisingly, Melania Trump revealed the launch of her memecoin, MELANIA, through a social media post, stating,
“The Official Melania Meme is now available for purchase! Invest in $MELANIA today.”
In line with this event, the introduction of the MELANIA coin follows the recent surge of interest in digital currencies shown by President Trump, who has also introduced his unique digital asset.
In fact, the President himself utilized Truth Social to convey the message,
“My NEW Official Trump Meme has arrived! Let’s commemorate all that we stand for: TRIUMPH! Engage in my exclusive Trump Community. ACQUIRE YOUR $TRUMP TODAY.”
What Else is Happening?
Furthermore, the emergence of these memecoins coincides with the period when Donald Trump is preparing to assume office as the 47th President of the United States.
Predictably, the recent surge in popularity of the TRUMP and MELANIA memecoins has ignited substantial discussions within the digital currency community. Critics argue that these ventures may overshadow genuine utility-focused projects.
Addressing this, Nate Geraci, the President of ETF Store, articulated,
“Participants in the Memecoin market comprehensively understand that they are essentially engaging in a crypto variant of musical chairs. They are cognizant that they are not investing in Fortune 500 companies.”
He added,
They recognize the entire scenario as being founded on the greater fool theory. Similarly, they do not perceive memecoins as authentic ‘crypto projects’.”
Price Movements of the Memecoins
According to the latest data from CoinGecko, TRUMP was trading at $59.43, reflecting a 32.8% surge within 24 hours. Meanwhile, MELANIA saw a spike of 68.4%, reaching $12.51 at the time of reporting.
Both tokens were dominating the charts for trending memecoins as per CoinGecko analysis. Nevertheless, assessments from CryptoCrypto indicate that this upward trend might be temporary. There is a potential for consolidation or a brief pullback before any subsequent advances.