Melania Trump’s newly launched meme coin, Melania Meme (MELANIA), has induced a pointy decline in demand for Donald Trump’s Official Trump (TRUMP) coin. In consequence, TRUMP’s market cap has dropped by 55% in simply 10 minutes, getting into a bear market section.
On January 20, Melania Trump, the previous First Girl of the U.S., introduced the launch of her meme coin, MELANIA, on X.
Following her publish, Donald Trump shared her announcement throughout his Victory Rally. This surprising transfer led to a pointy drop in demand for TRUMP, a meme coin Donald Trump had launched simply 48 hours earlier.
The TRUMP token, which had surpassed a $14 billion market cap, skilled a pointy 55% decline inside simply 10 minutes of Melania’s announcement. Nonetheless, as of this writing, TRUMP’s market cap has stabilized at $9.42 billion, with the token buying and selling at $47.19.
Earlier than the launch of MELANIA, TRUMP was performing nicely, with purchaser orders outpacing vendor orders available in the market. The token was additionally listed on HashKey World on January 19. In response to Kobeissi Letter, giant promote orders, starting from $1 million to $5 million, amassed within the spot market.
Nonetheless, after MELANIA’s launch, the promoting stress on TRUMP outweighed the shopping for stress, with $351.7 million in promote orders in comparison with $244.5 million in buys throughout the first hour post-launch. This imbalance contributed to the decline in TRUMP’s value.
Kobeissi Letter additionally famous that the promoting stress on TRUMP spilled over to Solana (SOL), inflicting its worth to drop by practically 20% in minutes.
Regardless of the volatility, TRUMP nonetheless boasts round 824,000 holders, and the token is at present valued at roughly $39 billion. Moreover, with a vesting schedule spanning three years, there’s potential for the token to stabilize sooner or later.
