Melania Trump’s sudden entry into the crypto space is making waves. In less than two hours after its January 19 launch, her self-named memecoin, MELANIA, grew to a market value of $6 billion. However, the debut has generated both enthusiasm and skepticism.
A Fast-Rising Token
Within minutes of the token’s launch, over 45,000 wallets took it, according to statistics from DEXScreener. Its market value skyrocketed to $6.14 billion in less than two hours, showing the powerful appeal of a cryptocurrency bearing the Trump name.
At the same time, Donald Trump’s memecoin, TRUMP, suffered a massive blow. It was reported on CoinMarketCap that TRUMP’s price suddenly plunged by 25%; $5 billion was wiped from the valuation of it within just 40 minutes.
Whether this slump is due to divided interest or greater market forces, though the timing is hard to ignore, cannot be ascertained.
The Official Melania Meme is live!
You can buy $MELANIA now. https://t.co/8FXvlMBhVf
FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6
— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025
Questions Surround Token Distribution
While MELANIA’s rise seemed impressive, concerns over its tokenomics surfaced quickly. Its official website claims the tokens were distributed as follows: 35% to the project team, 20% each to the treasury and community, 15% to the public, and 10% for liquidity.
JUST IN:
The bubble map of $MELANIA does NOT match the distribution on their website pic.twitter.com/Q734sd4ykJ
— Bubblemaps (@bubblemaps) January 19, 2025
The bubble map of $MELANIA does NOT match the distribution on their website These figures were contested by Blockchain analytics group Bubblemaps, which stated in a post on X on January 19 that about 90% of the token supply is kept in a single wallet. Centralization and transparency are called into doubt by this concentration.
Rushed Launch And Mixed Reactions
The MELANIA launch seem to have been hurried. Experts have pointed out that the project’s website lacks cybersecurity measures because it was just made the day before it was launched. The site’s badly written code was noticed by an anonymous developer known as “cygaar,” who called it “half-baked.”
My guess is that this token was handled by a different team than TRUMP’s. That one looks like professional market makers, this one honestly looks like a college kids pic.twitter.com/UR9Cbm0Ncw
— Conor (@jconorgrogan) January 19, 2025
Coinbase executive Conor Grogan hinted that MELANIA might not be a scam but probably lacked the slick execution seen with TRUMP’s token. According to him, the token looks amateur compared to TRUMP’s.
The Trump Name At The Center Of Speculation
Melania promoted the token on X, emphasizing that it’s meant to encourage “support” and “engagement” rather than serve as an investment. The Trump name has once again caught the interest of both crypto enthusiasts and speculators, in spite of this caveat.
MKT World LLC, a business Melania founded in 2021, is linked to the intellectual property rights to MELANIA’s website. The project also shares an address with the Trump International Golf Club.
What’s Next for MELANIA?
There are still concerns over the memecoin’s authenticity and the motivations behind its release. Only time will tell if MELANIA can maintain its pace or if it is destined to follow the boom-and-bust pattern of many other memecoins, given the energy that drove its unexpected surge. For now, the most recent Trump endeavor is being driven by both excitement and skepticism.
Featured image from AP News, chart from TradingView