Trump and Melania meme coins trigger market chaos and debate
Trump and Melania memecoins trigger debate
The cryptocurrency market witnessed an unusual spectacle as Donald Trump, the newly elected 47th President of the United States, and First Lady Melania Trump launched their respective meme coins late Sunday.
Dubbed Official Trump ($TRUMP) and Melania Meme ($MELANIA), the tokens sent shockwaves through the crypto community, with reactions ranging from enthusiasm to sharp condemnation, according to Decrypt.
Within hours of their launch, $TRUMP reached a staggering fully diluted valuation (FDV) of $72 billion, while $MELANIA surged over 12,000%, according to DexScreener.
However, the launches came at a cost: liquidity drained from the broader market, leaving Bitcoin (BTC) stable but altcoins struggling. Dogecoin (DOGE) and Shiba Inu (SHIB) fell 7% and 6%, respectively, while Pepe Coin (PEPE) plummeted by over 12%.
A Divisive Launch
The launches sparked heated debate on Crypto Twitter. Arthur Hayes, co-founder of BitMEX, encouraged traders to push $TRUMP to a $100 billion valuation, calling it a celebratory act.
Conversely, critics like YouTuber Coffeezilla and Alpha Prime Capital founder William Scythe decried the coins as exploitative. “80% of tokens vest to insiders DURING the presidency... this ‘should be’ a crime,” Coffeezilla tweeted.
Melania’s $MELANIA token faced similar backlash, with Coinbase executive Conor Grogan pointing out its ties to a Solana memecoin launchpad. Yet some, including Custodia Bank CEO Caitlin Long, saw potential regulatory implications. “Trump now has a real incentive to change crypto taxation,” she noted ironically.
While opinions remain divided, the launches underscore the evolving intersection of politics and cryptocurrency, leaving the market and its participants on edge.
The launch of the Official Trump (TRUMP) memecoin on the Solana blockchain has surged its value to $58, theoretically boosting Donald Trump's net worth by nearly 700%. With 80% of the token supply held by Trump-controlled CIC Digital LLC, he could rank among the 30 richest people globally.
