TRUMP Token Plunges 55% After Melania Trump Meme Coin Launches
Date: 2025-01-20 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
On January 20, former US First Lady Melania Trump announced the launch of her MELANIA cryptocurrency on X.
A short while later, Donald Trump supported his wife's initiative by sharing her post during his Victory Rally. This unexpected move led to a significant drop in interest in the TRUMP token, which the former president himself had introduced just two days before the event.
TRUMP's market cap, which had previously exceeded $14 billion, plummeted 55% in just 10 minutes after Melania's announcement. However, at the time of writing, the figures have somewhat stabilized, with the token’s market value at $9.42 billion and its price reaching $47.19.
Before MELANIA, TRUMP was performing well, with buy orders outnumbering sell orders. Also on January 19, TRUMP was listed on HashKey Global. However, as reported by Kobeissi Letter, the spot market saw large sell orders of $1 million to $5 million.
After MELANIA, the situation changed, with TRUMP experiencing increased selling pressure, resulting in sell orders piling up to $351.7 million versus $244.5 million in the first hour after the meme coin’s launch. This imbalance had a significant impact on TRUMP’s price decline.
In addition, according to Kobeissi Letter, the decline in the value of TRUMP has also affected the Solana token, which has lost about 20% of its value in a matter of minutes.
Despite the instability, TRUMP still has an impressive base of 824,000 holders. The market value of the token is estimated at about $39 billion. Given the three-year vesting schedule, there is a chance for the token to stabilize in the future.
