Incoming US president Donald Trump witnessed a rapid decline in the market capitalization of his newly launched meme coin, $Trump, which saw its value drop by more than 50% following the introduction of a competing token by his wife, Melania.
Initially, the price of Trump’s token skyrocketed, more than tripling to over $70 (£57) and achieving a total market value of over $14 billion shortly after its debut on Friday. However, as soon as $Melania was launched, the price of $Trump plummeted from $75 to $30 before recovering to approximately $64. Meanwhile, $Melania’s market capitalization reached up to $13 billion.
As reported on social media, Trump’s meme coin, $TRUMP, experienced a staggering decline of over 40% due to Melania Trump’s new memecoin introduction. This dramatic turn of events has drawn attention, marking a significant development in the crypto market.
Both tokens quickly rose into the top 20 of all cryptocurrencies, igniting a frenzy of trading as investors shifted their focus from other meme coins to the Trump-related tokens. Market analysts expressed astonishment at Trump’s influence on the cryptocurrency space, which has subsequently pushed Bitcoin prices to a new record high of $108,943 in anticipation of his presidential inauguration.
In a move that could further shake up the market, Trump is preparing to issue an executive order that will classify cryptocurrency as a national priority. This directive may include a requirement for all government agencies to re-evaluate their crypto policies and pause any ongoing litigation related to cryptocurrencies.