Representatives of the crypto community criticized such initiatives, considering them pointless. Analysts explain that such memcoins create risks for an industry that is considered volatile and speculative.
Donald Trump, who was elected the 47th President of the United States, and his wife Melania presented their own cryptocurrency memcoins, which caused mixed reactions among investors and the cryptocurrency community. Bloomberg reported this on Monday, January 20.
On January 17, Trump announced the launch of the $TRUMP token, which reached a market value of $15 billion but subsequently fell below $8 billion. Two days later, Melania Trump launched the $MELANIA crypto coin with a supply of one billion tokens, 35% of which will remain under the control of the team.
The Official Melania Meme Live!
You can buy $MELANIA now. https://t.co/8FXvlMBhVf
FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6
— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025
After the launch of $MELANIA, the price of $TRUMP dropped by 36%. According to Solscan, more than 438 thousand wallets already own the Melania token.
Representatives of the crypto community criticized such initiatives, considering them pointless. Dragonfly Capital’s Rob Hadick said such memcoins create risks for an industry considered volatile and speculative.
Interestingly, Trump, who once called cryptocurrency a “scam”, is now actively using digital assets. During his 2024 re-election campaign, he accepted cryptocurrency donations, promised to create a strategic reserve of bitcoins and help ease the regulation of the crypto industry.
We remind you that Trump plans to sign a “record” number of executive orders in his first week in office. He will deal with the problem of migrants and fires in Los Angeles.
Let’s add that on January 20 the inauguration of the 47th President Donald Trump will take place in the United States. The ceremony will be held in the Congress building because of the expected cold snap in Washington. So, for the first time since 1985, the inauguration of an American president will take place indoors.
It is known that Trump has arrived in the US capital. He visits his golf club where they celebrate with fireworks.
New Correspondent.net on Telegram and WhatsApp. Subscribe to our channels Athletistic and WhatsApp
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.