Trump coin loses $6bn after Melania launches hers

Trump coin loses $6bn after Melania launches hers

TRUMP, the official meme coin associated with President-elect Donald Trump, experienced a significant decline in value, losing over 40% shortly after Melania Trump introduced her own meme coin, MELANIA.

On Sunday, TRUMP was trading at approximately $72 but dropped below $39 by the evening, according to CoinGecko data.

This sell-off resulted in a $6 billion reduction in market value, which had peaked at around $14.5 billion earlier in the day.

The recent price drop caused TRUMP to fall out of the top two meme coins by market capitalization, with Shiba Inu (SHIB) reclaiming the second position.

Earlier in the day, TRUMP had surpassed both SHIB and PEPE, entering the top tier of meme coin rankings.

READ ALSO:

• Kidnapped corps member narrates ordeal after release
• Senator Ned Nwoko explains decision to leave PDP for APC
• Mbappe brace fires Real Madrid past Las Palmas to go top

Currently, TRUMP is valued at around $46, reflecting a 68% increase over the past 24 hours.

Since its launch on Friday evening, the “official” Trump memecoin has surged, breaking into the crypto top 20 by market capitalization and reaching a peak of $14 billion.

The official Melania meme is live

However, as leaks suggest that Trump is preparing a series of crypto-focused executive orders, Melania Trump launched her own rival cryptocurrency, causing a significant drop in the value of Trump’s coin.

“The official Melania meme is live,” the incoming first lady of the U.S. announced on X, alongside a link to a website selling the cryptocurrency. “You can buy $melania now.” 

Melania also unveiled the MELANIA token on Truth Social, which was widely perceived as legitimate after Trump retweeted the announcement.

The Solana-based meme coin quickly achieved a valuation of $12 billion within three hours of its launch, according to data from Dexscreener.

Trump coin loses $6bn after Melania launches hers