MELANIA meme coin launches with a rapid path to a market capitalization of 10 billion, what’s the outlook for the market?
Trade MELANIA coin: https://www.gate.io/pilot/solana/melania-meme-melania
At 5:00 am Beijing time today, Melania Trump announced the launch of her personal official Meme coin MELANIA on social media, which has attracted huge attention and capital inflows in the market. The market value of MELANIA reached as high as 13 billion US dollars in just a few hours, and the trading volume also reached 18.2 billion US dollars. However, since this morning, the FOMO-driven capital frenzy has led to a general decline in the entire cryptocurrency market, with mainstream cryptocurrencies falling sharply, and even the recently popular Trump meme coin TRUMP plummeted to below 40 US dollars at one point.
MELANIA MEME coin controversy
The rapid launch of MELANIA tokens has sparked controversy. The official website and domain name were created hastily, and the initial lock-up period for the tokens is only 30 days, much shorter than the 3-year lock-up period for TRUMP tokens. In addition, there are doubts about the token allocation scheme for MELANIA, especially regarding the unlocking mechanism for team shares. Some community members believe that there may be incomplete or incorrect information about MELANIA, particularly regarding the inconsistent proportion and timing of team token unlock.
The Trump family’s launch of these tokens has also sparked discussions in the market about their legality and risks. Some comments suggest that Melania and Trump may use this to avoid potential issues with the presidential salary clause in the US Constitution. According to the US Constitution, the president must not obtain private benefits from foreign governments. Trump had previously earned about $7.2 million from NFT projects, and his wife Melania also received over $330,000 from NFT sales. Issuing tokens before formally taking office as president can reduce the risk of being accused of violating the salary clause.
Meanwhile, the Solana network has experienced severe congestion and skyrocketing transaction fees due to a surge in trading volume, leading to the suspension of withdrawal operations on some trading platforms. This meme frenzy triggered by the Trump family has become a massive stress test for the Solana network.
How is the TRUMP MEME coin performing?
At 10:00 am Beijing time on January 18th, US President-elect Trump announced the launch of his personal official meme coin TRUMP via his social media platform Truth Social. Although the market once doubted that the news might have been released by hacked accounts or other malicious operations, the market value of the TRUMP token quickly surpassed 2 billion US dollars. At 10:44 am, Trump’s official account on X confirmed the contract of the Meme coin again, which basically eliminated the possibility of account hacking.
A community has found that the TRUMP issuance website is similar to Trump’s previous NFT website, and the recent source of funds is the Gate.io trading platform. TRUMP token purchases support traditional payment methods such as Apple Pay and cryptocurrency payments, and the issuance chain is Solana. The goal is to commemorate Trump’s iconic remarks after being assassinated.
Gate.io became the first cryptocurrency exchange to list the TRUMP token at 11:20 am on January 18th, with an initial listing price of $4.1. According to the market data from Gate.io, the current price of the TRUMP token is $59.5, and it has risen over 1,500% since its listing on Gate.io. Previously, the TRUMP token reached a high of $81, with a total market capitalization of up to $81 billion.
Future Outlook
MELANIA’s market value has surpassed $13 billion in a short period of time, a reflection of the market’s optimistic expectations for its future potential. From the token Price trend Take a look, MELANIA has experienced a sharp increase in a short period of time, and this rapid rise often comes with the accumulation of risks. Once the market sentiment reverses, the token price is likely to plummet, and investors will face huge losses.
Overall, the capital frenzy triggered by the meme coins related to the Trump family has brought about a temporary wealth effect, but it has also exposed the high risks of the crypto market and the controversies surrounding celebrity meme projects.
