Melania Trump's unexpected entry into the cryptocurrency arena has captured attention with her meme coin, MELANIA, quickly achieving a staggering valuation of over $8 billion. This surprising development, unfolding just days after former President Donald Trump introduced his TRUMP token, has provoked both excitement and skepticism within the crypto sector.
On January 20, Melania Trump announced via X the official launch of her meme coin. Data from Dexscreener illustrates that MELANIA was trading at $8.04 and boasted a market capitalization exceeding $8 billion at the time.
Meanwhile, the previously soaring TRUMP token, released by Donald Trump on January 18, witnessed a notable depreciation. It initially surged to a market cap of $15 billion but soon plummeted, with its price decreasing from $74.60 to $49.29, resulting in a significant $5 billion loss in market value.
Industry analyst Zack Guzman speculated on Twitter about the urgency behind these rapid token launches by the Trump family. He highlighted possible motivations rooted in avoiding legal repercussions. Guzman noted the constitutional constraints against a sitting president exploiting office for personal gain, hinting at Melania and Donald Trump's strategic timing.
An official website linked by Melania Trump clarified that these meme coins do not represent investment opportunities. Instead, they serve as symbolic expressions of backing. Yet, concerns swiftly emerged over potential fraudulent aspects, with rumors of Melania's account being compromised. However, Coinbase's Conor Grogan downplayed fears, expressing confidence that the MELANIA token was not a scam.
Commenting on this, Grogan speculated a different team might manage MELANIA compared to TRUMP, suggesting inexperience in its handling akin to that of college students.
Guzman himself lamented a personal loss linked to the crypto transactions’ volatility, reflecting broader market skepticism. His account of a failed transaction and missing $SOL on @RaydiumProtocol exemplifies the rocky landscape of these tokens. Meanwhile, Messari's founder, Ryan Selkis, criticized the initiation of the MELANIA project, advising Trump to dismiss those responsible, citing mishandling and financial detriment.
As the Trump family continues to engage with the meme coin domain, the rapid valuation changes and the contentious nature of their initiatives are significantly stirring the crypto community.