Quick Take: Melania Trump’s Meme Coin Derails $TRUMP Token Rally, Fake Barron, Ivanka Coins Launched
Updated on Jan. 24, 2025:
- Ivanka Trump issued a public warning on X (formerly Twitter) about a fraudulent cryptocurrency named “$IVANKA,” clarifying that she has no involvement with the token. Calling the project “deceptive and exploitative,” she urged consumers to avoid falling victim to scams using her name. The warning comes amid heightened attention on Trump-branded cryptocurrencies following the launches of $TRUMP and $MELANIA memecoins by her father, President Donald Trump, and First Lady Melania Trump.
Updated on Jan. 21, 2025:
The launch of Melania Trump’s memecoin, $MELANIA, has disrupted the momentum of Donald Trump’s $TRUMP token, causing it to lose nearly half its value as investors grapple with competing tokens from the incoming first couple.
- Adding to the turmoil, an unofficial memecoin named after Barron Trump briefly captured the market’s attention, skyrocketing to a $460 million market cap on unfounded speculation that it was launched by Barron himself.
- The token, however, crashed 95% when no evidence emerged to support these claims, leaving investors questioning its origins.
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$MELANIA launched on Solana and promoted via Melania Trump’s verified accounts on X and Truth Social.
- It saw a 12,000% price surge in 24 hours, reaching $6.70 and a $5.7 billion fully diluted valuation.
- At the time this article is written, the token surged to $10.
$TRUMP fell 48%, from $75 to as low as $34 before recovering slightly to $45. (Read more: Quick Take: Trump Memecoin Launch Boosts Solana to All-Time High, Hits XRP and ETH)
- Across posts on social media platform X, investors and analysts criticized the launch of competing tokens for diluting value of the Trump coin.
- Popular traders and analysts labeled the launch of $MELANIA a misstep, warning that it diluted $TRUMP’s scarcity and credibility.
- American entrepreneur Balaji Srinivasan called it “a giant Trump fumble”.
Tokenomics concerns:
- $MELANIA’s tokenomics allocate 88% of the supply to insiders, with a faster vesting schedule compared to $TRUMP’s 80%.
- Blockchain analysis revealed that 89% of $MELANIA remains in a single wallet, contradicting claims of broader distribution.
Solana congestion:
- Both tokens contributed to congestion on Solana’s infrastructure, with wallet providers reporting transaction delays amid an 8 million requests-per-minute surge.
Finally: Critics highlighted the lack of transparency and governance in the launches, with some noting former SEC Chair Gary Gensler would be “laughing at us” over the unregulated chaos.
What’s next: Donald Trump is inaugurated as 47th President of the United States.
This article is published on BitPinas: Quick Take: Melania Trump’s Meme Coin Derails $TRUMP Token Rally
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