After his wife, Melania Trump, unpredictably launched a rival memecoin, the value of Donald Trump’s TRUMP memecoin plummeted by 38 percent.
Following uts launch on January 19 through a post on X by the former First Lady and shared by the incoming U.S. President, the MELANIA token amassed an incredible $6 billion market capitalisation in just two hours.
Shortly after its introduction at 10.42 p.m. WAT, more than 45,000 wallets bought MELANIA tokens, according to DEXScreener data. This quick spike stood in stark contrast to TRUMP’s performance, which saw its market capitalisation drop by $5 billion and its price go from $74.60 to $45.90 in just 40 minutes, according to CoinMarketCap data.
Read also: $TRUMP Crypto coin’s meteoric rise: 300% gain in hours electrifies investors
To promote engagement and support
MELANIA’s official website highlights that the token is “not intended” as an investment instrument and instead explains it as a way to promote “engagement” and “support.”
The website explained how the token was supposed to be distributed: 35 percent went to the development team, 20 percent went to the community and treasury, 15 percent went to the general public, and 10 percent was set aside for liquidity.
However, these assertions were shown to be inconsistent after being examined by the blockchain analytics platform Bubblemaps.
Nearly 90 percent of the MELANIA token supply is concentrated in a single wallet, according to a report by Bubblemaps on Sunday, which raised concerns about it
This raises questions regarding the distribution’s transparency. Industry professionals have provided feedback on the launch.
Speculations regarding MELANIA’s memecoin
Coinbase executive Conor Grogan noted notable differences in MELANIA’s execution as compared to TRUMP, but he disregarded the possibility that it was a ‘rug pull’.
“My guess is that this token was handled by a different team than TRUMP’s,” Grogan stated. “That one looks like professional market makers; this one honestly looks like college kids.”
Read also: Bitcoin jumps to new high, surpasses $100,000
The wallet that created MELANIA was financed using PumpFun, a memecoin launchpad based in Solana, he added.
The fact that intellectual property documents show that MKT World LLC is the owner of the domain “melaniameme.com,” which enabled MELANIA’s launch, adds to the intrigue.
According to Florida Department of State papers, this corporation was founded by Mrs Trump in 2021 and is registered at the same location as the Trump International Golf Club.
The launch of these tokens coincides with Donald Trump’s January 20 presidential inauguration, amplifying speculation about the strategic timing of these initiatives.
While MELANIA has enjoyed a meteoric rise, questions regarding its governance and transparency remain unanswered, leaving the memecoin market abuzz with speculation.
Leave a Reply