Official Trump and Melania memecoins were launched on January 17 and January 19, respectively.
Donald Trump and Melania's crypto tokens are based on the Solana blockchain
Photo Credit: X/ NYSE
US President-elect Donald Trump is set to be sworn in as the 47th President of the United States on Monday. Ahead of the inauguration ceremony, the incoming President and his wife Melania Trump launched two memecoins branded after their respective identities. The 'Official Trump' and 'Melania Meme' digital assets were launched on January 17 and January 20, respectively. Both managed to attract the attention of investors around the world. Investment in these memecoins resulted in the prices of Bitcoin and other cryptocurrencies dropping on Monday.
Official Trump Token Briefly Jumped to 15th Largest Crypto Token
The Official Trump token has been created on the Solana blockchain. Within the first 48 hours of the token being launched, it jumped up to become the 15th largest crypto in the world, according to CoinMarketCap. It is currently the 18th largest digital asset by market capitalisation.
The $TRUMP token is currently trading at $53.22 (roughly Rs. 4,606) on global exchanges, as per CoinMarketCap data.
After seeing a massive surge over the weekend, the Official Trump token is now experiencing a slowdown in its price action. Its market cap dipped by 11.2 percent on Monday, and it is currently at $10.73 billion (roughly Rs. 92,884 crore). With this, the token has also slipped from its 15th position on the price chart to the 18th position.
Over 199 million Trump tokens are in circulation, and the maximum supply of this token is capped at one billion.
“The rise of speculative assets such as the Trump and Melania memecoins diverts liquidity and increases market volatility,” Avinash Shekhar, Co-Founder & CEO, Pi42 told Gadgets 360, commenting on the ongoing frenzy of these memecoins.
$TRUMP Token Drops Over 40 Percent After Melania Launches Memecoin
Melania Trump launched a crypto token named after herself on January 19, which is also based on the Solana blockchain. In the last 24 hours, the $Melania token surged by over 49 percent. It is currently trading at $10.95 (roughly Rs. 947.89), as per CoinMarketCap.
Unlike the Trump token, that underwent notable price fluctuations over the past 48 hours, the Melania token showed a relatively stable market movement.
According to information on the MelaniaMeme website, the memecoins are "digital collectibles intended to function as an expression of support for and engagement. The $MELANIA tokens can be traded on centralised crypto exchanges.
The market cap of Melania's memecoin token currently stands at $1.61 billion (roughly Rs. 14,022 crore) with 150 million tokens in circulation. The maximum supply of these tokens is also capped at one billion.
Market Impact
The Solana token, $SOL, has emerged among the top beneficiaries of the launch of these memecoins. Due to the increased activity related to the Official Trump and Melania memecoins, the SOL token rose to its all-time high of $293 (roughly Rs. 25,343).
Market experts have advised investors to tread carefully with investing in these memecoins.
In conversation with Gadgets 360, Balaji Srihari, Vice President of CoinSwitch said, “These tokens are seeing a lot of volatility at present. We don't know what the roadmap is like or if there are plans to make it more than a meme coin. Staying informed about market trends and updates is critical for making confident and well-informed decisions. Always prioritise due diligence and a risk-aware approach to safeguard your financial interests.”
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