The return of Donald Trump to the political spotlight is accompanied by a wave of activity in the cryptocurrency space, with meme coins taking center stage. Following the launch of the $TRUMP coin, which has already gained significant traction, former First Lady Melania Trump has introduced her own cryptocurrency: $MELANIA.
Announced on Sunday evening through a post on X (formerly known as Twitter), Melania Trump encouraged potential buyers with a straightforward message: “You can buy $MELANIA now.” The coin debuted at approximately $7.41 and quickly climbed to $9 by Monday morning, reaching a market capitalization of $1.65 billion, according to CoinMarketCap. While impressive, these numbers still fall short of the $TRUMP coin, which has soared to $50 with a staggering $10 billion market cap.
This latest development has sparked excitement among meme coin enthusiasts and skepticism among more traditional investors. The volatility of cryptocurrencies, especially meme coins, has led experts to urge caution. David Reibstein, a marketing professor at The Wharton School, pointed out, “As has been the case with other startup cryptocurrencies, one might anticipate there to be some considerable risk. That is not to say there couldn’t easily be an upside.”
He likened the current hype around these coins to the volatile journey of Trump Media, whose value once skyrocketed to nearly $100 before plummeting below $13, only to rebound to around $40. “It is an investment for the brave,” he added.
The $MELANIA coin, like its predecessor, operates on the Solana blockchain and has already attracted 450,000 holders, according to SolScan. However, its launch has caused turbulence in the market, leading to a sharp drop in the price of the $TRUMP coin. This instability has raised concerns within the crypto community. Rob Hadick of Dragonfly Capital criticized the trend, stating, “The Trump launches are now clearly a blight that we will have to work to put behind us as builders.”
For those intrigued by the Melania meme coin, it is available for purchase on its official website using either a debit card or cryptocurrency. However, the website itself offers a word of caution: “Melania Memes are intended for collecting and entertainment purposes only. They are not financial instruments or investments. Always do your own research and never invest more than you can afford to lose.”
The political implications of these launches are also noteworthy. A Trump administration is expected to adopt a more crypto-friendly regulatory approach, potentially paving the way for further developments in the industry. Speculation has even arisen about the creation of a strategic bitcoin reserve, signaling a potential alignment between government and digital assets.
Yet, not everyone is optimistic. Anthony Scaramucci, founder of Skybridge Capital and former White House communications director, criticized the trend, describing it as “bad for the industry.” He also joked about the potential for additional family-themed coins, noting that the competition among these tokens is already creating market chaos.
As these meme coins continue to make waves, the crypto world watches closely. With the possibility of more Trump family members entering the fray, the question remains: are these coins a fleeting novelty or a harbinger of the industry’s future?