After Melania Trump launched her own memecoin Sunday, touted as a rival memecoin of $TRUMP, Donald Trump’s memecoin suffered a crash of more than 40 per cent before surging back. After the initial crash, $TRUMP surged back above $64. Robinhood officially listed Donald Trump’s memecoin on their exchange. Donald Trump’s crypto platform World Liberty Financial bought three new domain names: trumpcoin.eth, erictrump.eth and barrontrump.eth — hinting that another memecoin launch might be on the cards.
The price of the official Trump memecoin surged since its Friday evening launch, breaking into the crypto top 20 by market capitalization and hitting $14 billion. Experts were skeptical about the price surge and even questioned the legality of a memecoin in the name of the president to-be.
The price dropped as traders rushed to buy Melania’s coin pushing it to more than $5 and giving it a fully diluted market cap of over $5 billion.
“This is beyond insane,” analysts at The Kobeissi Letter posted to X. “Less than 48 hours ago, Donald Trump launched $trump which just erased $7.5 billion in market cap in 10 minutes. In the minutes around the launch of Melania Trump’s token, we saw massive sell orders in $trump.”
“Looks like crypto is becoming a family business,” X influencer Mario Nawfal posted.
Meme coins are like gambling: Ro Khanna’s warning
After the husband and wife launched rival meme coins hours before Donald Trump’s inauguration, Dem leader Ro Khanna expressed concern over the market volatility that it caused and said elected officials should be barred by law from having memecoins. “Elected officials must be barred from having meme coins by law. Meme coins are highly speculative and like gambling must be regulated by the SEC. They are neither neutral money (not controlled by insiders) nor platforms for innovation,” Ro Khanna said.
“Launch of Melania coin is causing Trump coin to crash. Elon was right, we are living in a simulation. Which one of the kids coins will perform best? The day before inauguration as leader of free world and this is what Trump is focused on. Tells you everything you need to know,” former Trump advisor Anthony Scaramucci said.
“Most dangerous thing for country about Trump coin is what comes next. Now anyone in world can essentially deposit money into bank account of President of USA with a couple clicks. Every favor – geopolitical, corporate or personal – is now on sale, right out in the open,” Sacaramucci said.
