The launch of $MELANIA by Melania Trump reduces $TRUMP Coin by 28%

The recent debut of Melania Trump and her meme coin, $MELANIA, has caused a major uproar in the cryptocurrency market. Just hours after its launch, the $TRUMP meme coin, previously introduced by President-elect Donald Trump, saw its value plummet by 28%. This has wiped out billions of dollars from its market capitalization. $MELANIA surged amidst the frenzy of debut The meme coin $MELANIA was created by the incoming First Lady Melania Trump. Its price increased to $13 immediately after its launch. By the end of the day, this coin had a market capitalization of $2 billion. This is due to high trading volume as well as public attention. It was observed that this coin underwent high trading volume. Over 133,000 coins were traded in the first few hours. However, the $MELANIA coin has had a slight retreat, with prices dropping 40% from their peak to $8.49. Despite this volatility, the coin can still attract both retail traders and institutional investors. The team behind $MELANIA distributed 35 percent of the token's supply to the development team. Another 20 percent goes to the treasury and another 20 percent to the community. The remaining portion of the token is distributed between liquidity and public sale. The lock-up period for the team's shares has been compared to the $TRUMP coin. The latter coin has a much longer lock-up period of three years. TRUMP Coin suffered losses as investors dumped After $MELANIA was released, the $TRUMP token faced a significant drop, with the market cap decreasing by nearly $7.5 billion. The token, which traded at a record high of $74 on Sunday, was last traded at $53.5 at the time of writing. This represents a 28% decrease in value, indicating a major sell-off due to the launch of $MELANIA. The $TRUMP currency, previously issued by former US President Donald Trump, has accelerated and traded at a value of $43 billion per day over the weekend. But the launch of $MELANIA seems to have pulled liquidity away from $TRUMP and as a result, its value has decreased. However, $TRUMP is still the third largest meme coin in market capitalization, right after DOGE and SHIB. The reaction of the cryptocurrency market and criticism of Melania Trump The issuance of $MELANIA coins has attracted a lot of attention in the world of cryptocurrency. While some traders see profit opportunities, others express concern about the suspicious ethical nature and practicality of this process. Regarding issues and concerns, it has been observed that 90% of the total token supply of $MELANIA is still held in a single wallet. This has raised concerns about centralization and lack of proper disclosure. The famous figures in the cryptocurrency field have made many people frown at the active participation of a US president and first lady in promoting meme coins. Cryptocurrency investigator Coffeezilla said, "80% of the tokens were given to insiders during the presidency... this must be a crime." Similarly, Alpha Prime Capital founder William Scythe expressed disagreement with this decision, stating that it is a selfish act. The launch of the meme coins $MELANIA and $TRUMP has shaken the entire cryptocurrency market. Popular meme coins, DOGE and SHIB, have lost 7% and 6% respectively. However, other categories including AI tokens and Layer 2 solutions have also lost significant value.