Melania Trump’s surprise entry into the cryptocurrency space has caused quite a stir. In less than two hours after its launch on January 19, its Memecoin, MELANIA, grew to a market cap of $6 billion. However, the debut generated both enthusiasm and skepticism.
Fast rising icon
Within minutes of the token’s launch, more than 45,000 wallets had acquired it, according to DEXScreener statistics. Its market value rose to $6.14 billion in less than two hours, demonstrating the strong appeal of the cryptocurrency bearing Trump’s name.
TRUMP coin down today. Source: CoinMarketCap
Meanwhile, Donald Trump’s coin, Trump, took a hit. CoinMarketCap reported that Trump’s price suddenly dropped by 25%; $5 billion was wiped off its valuation in just 40 minutes.
Whether this stagnation is due to divided interests or larger market forces cannot be certain, although the timing is difficult to ignore.
The official Melania meme is now available!
You can buy Melania$ now. https://t.co/8FXvlMBhVf
FUAFBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6
-Melania Trump (@MELANIATRUMP) January 19, 2025
Questions surrounding token distribution
Although Melania’s rise seemed impressive, concerns about her token economy quickly emerged. Its official website claims that the tokens were distributed as follows: 35% to the project team, 20% each to the treasury and the community, 15% to the public, and 10% to liquidity.
Just in:
The bubble map for $MELANIA does not match the distribution on their website pic.twitter.com/Q734sd4ykJ
– Bubble Maps (@bubblemaps) January 19, 2025
These numbers have been disputed by blockchain analytics group Bubblemaps, which reported in a post on X on January 19 that about 90% of the token supply is held in a single wallet. Centralization and transparency are in question because of this focus.
Hasty launch and mixed reactions
Melania’s launch appears to have been rushed. Experts pointed out that the project’s website lacks cybersecurity measures because it was created only one day before its launch. The site’s poorly written code was noticed by an anonymous developer known as “cygaar”, who described it as “half-baked”.
I believe this code was handled by a different team than Trump’s team. This one looks like professional market makers, and this one honestly looks like college kids pic.twitter.com/UR9Cbm0Ncw
– Connor (@jconorgrogan) January 19, 2025
Conor Grogan, CEO of Coinbase, hinted that MELANIA may not be a scam but may lack the slick execution seen with the TRUMP token. According to him, the token looks amateurish compared to Trump’s token.
Trump’s name is at the center of speculation
Melania promoted the token on Trump’s name has once again captured the attention of both cryptocurrency enthusiasts and speculators, despite this warning.
MKT World LLC, a business founded by Melania in 2021, is associated with the intellectual property rights to Melania’s website. The project also shares an address with the Trump International Golf Club.
What’s next for Melania?
There are still concerns about the authenticity of the memcoin and the motives behind its issuance. Only time will tell whether Melania is able to maintain her pace or whether she is destined to follow the boom-and-bust pattern of many other memes, given the energy that has led to her unexpected rise. For now, Trump’s latest endeavors have been driven by excitement and skepticism.
Featured image from AP News, chart from TradingView
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