President Donald Trump’s return to power could usher in a new landscape in the cryptocurrency space. Just two days after the launch of the new $TRUMP cryptocurrency meme coin, there is now also an offering in the name of new first lady Melania Trump.
Melania Trump’s meme piecea type of cryptocurrency, hit the market Sunday evening around 6 p.m., the day before Trump’s inauguration. The returning first lady announced the arrival of the offering to a post onthe social media network formerly known as Twitter, stating “You can buy $MELANIA now.”
After initially launching at around $7, $MELANIA coin was valued at around $9 as of Monday morning with a market cap of $1.65 billion, according to CoinMarketCap Tracking Site. It’s not as successful a launch as that of the $TRUMP coin, which reached around $50 and has a market cap of around $10 billion.
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Some probably got a windfall when they got the 18 cent $TRUMP coin early. But investors should be wary of the volatility of cryptocurrencies.
“As has been the case with other startup cryptocurrencies, one would expect there to be considerable risk,” said David Reibstein, a marketing professor at the University’s Wharton School. of Pennsylvania, to USA TODAY, speaking about the launch of the $. Trump piece.
“That’s not to say there could easily be a benefit,” Reibstein said. “Note the volatility of Trump Media which quickly rose to almost $100, then shortly after fell to less than $13 and is now back to almost $40. This is an investment for the brave.”
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How much does Melania Trump’s new meme piece cost?
As of 8 a.m. Monday, Melania coin was trading at around $9, according to CoinMarketCap. When trading began Sunday evening, the coin’s value was $7.41, the site said.
The Melania meme coin, like the Trump coin, is issued on the Solana blockchain platform. Around 450,000 buyers currently hold the Melania coin, according to the SolScan Trackerwhich tracks crypto tokens linked to Solana.
Melania coin’s debut on Sunday led to a “sharp drop in the price of ‘Trump coin,’ sparking concerns from crypto industry executives who fear meme coins could harm the market,” reported Siladitya Ray of Forbes.
Trump’s launches are “now clearly a scourge that we will have to work to leave behind as builders,” said Rob Hadick, general partner at crypto-focused venture capital firm Dragonfly Capital. Bloomberg.
What is a meme coin?
Meme coins are a type of cryptocurrency typically inspired by Internet memes, often a pop culture image or trend. One of the most famous memes featured the Japanese dog Kabosu, who became a populationI amme online in the early 2010s.
In 2013, the dog’s head became the symbol for Dogecoin, which remains one of the most invested crypto coins after becoming a “meme stock” during the COVID-19 pandemic retail boom.
Trump coin is currently the 18th most valuable crypto token in the world. CoinMarketCap website. Dogecoin is at #7 and Melania coin is at #62.
According to the Melania Trump meme coin website, 15% of the tokens will be distributed to the public. In total, 35% of the grant is allocated to the project “team”. The tokens are issued by MKT World, a company in West Palm Beach, Florida. incorporated by Melania Trump in 2021, Forbes reported.
After 30 days, 10% of the tokens allocated to the project “team” can be released. All tokens will be released over the next 13 months.
At a fully diluted valuation of around $5 billion, the team’s allocation could be worth $1.5 billion.
Should I buy the Melania Trump coin or the Trump coin?
You can acquire the Melania meme coin on the website with a debit card or using cryptocurrency.
But if you view this as an investment opportunity, even the Melania play website note: “Melania Memes are intended for collection and entertainment purposes only. They are not financial instruments or investments. Always do your own research and never invest more than you can afford to lose.”
This may be just the beginning of cryptocurrency offerings to come during Trump’s term. The US Securities and Exchange Commission is expected to take a more friendly approach to cryptocurrencies and Trump is considering creating a strategic reserve of Bitcoin, considered the first successful digital currency.
And there could be a growing wave of crypto-memes – there are still plenty of Trump family members who could start them.
Anthony Scaramuccifounder of an alternative assets investment company Aerial gateway and a former White House communications director, posted on X Saturday: “Trump coin stuff is bad for the industry. » Then on Sunday, he noted that “throwing the Melania coin causes the Trump coin to crash. …Which of the children’s coins will work best?”
On crypto coins, Reibstein said: “It will be interesting to see how the regulators appointed by future President Trump handle this. »
Follow Mike Snider on Threads, Bluesky and X: mikegsnider &@mikegsnider.bsky.social &@mikesnider.
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