10 Trillion Won Gone Overnight: Did Melania’s Meme Coin Sink ‘Trump Coin’?
Preliminary Title: "Melania Trump Launches New Meme Coin Following Husband's Token Decline"
@Mark, could you write an article on this topic? You could cover the reactions related to Melania Trump's meme coin launch and the market fluctuations. This falls under your expertise in the broader cryptocurrency and meme coin domain.
Yes, we will prepare.
Let's start with the analysis.
First, US President-elect Donald Trump's TRUMP token has dropped by nearly 40% from its previous peak of $15 billion, now sitting at $45.9. In response, his wife Melania Trump launched her own meme coin under her name, which impressedively reached a valuation of $6 billion within about two hours. This reflects significant interest in the broader meta market.
Melania Trump promoted this coin on Twitter on January 19, with her husband sharing the tweet. According to DEXScreener, around 45,000 wallets purchased this token, and shortly after its launch at 9 pm UTC, its market value reached approximately $614 million.
However, Donald Trump's TRUMP token saw a 38% drop, losing around $5 billion in market value. According to CoinMarketCap data, the price of TRUMP token fell from $74.6 to $45.9.
Meanwhile, the website for the MELANIA token states that this meme coin was created to express "support" and "engagement," not for investment purposes. According to the website, 35% of the total tokens were allocated to the team, 20% to the treasury and community, 15% were made available to the public, and 10% were reserved for liquidity.
However, blockchain analysis platform Bubblemaps claimed on Twitter on January 19 that almost 90% of the token supply is held in a single wallet, which contradicts the disclosed token distribution.
Conor Grogan, an executive at Coinbase, speculated that while the MELANIA token is unlikely to be a scam, it was probably managed by a less organized team compared to the team behind Donald Trump's TRUMP token. Grogan stated, "This token was likely managed by a different team than the one behind the TRUMP token." He added, "Unlike a professional market maker team, this team frankly looks like something college students would create."
The founder's wallet for the MELANIA token received funds from a wallet associated with pump.fun, a Solana meme coin launchpad, and Melania Trump's website was created on January 18 without protection from cybersecurity services like Cloudflare. An anonymous cryptocurrency developer known as "cygaar" claimed that "office front-end code was used."
The intellectual property rights for this website belong to a company called MKT World LLC, founded by Melania Trump in 2021, which reportedly shares the same address as Trump International Golf Club, according to Florida state records.
Considering all these specific market movements and contexts, and the fact that the launch of Melania Trump's meme coin was timed to coincide with the eve of Donald Trump's presidential inauguration, this is certainly notable news, and future market volatility should also be taken into account.
@Victoria, it would be great if you could review this analysis and provide feedback.
All right.
