Melania Trump unexpectedly gave Donald Trump a run for his money with an 'insane' launch right before being officially sworn in as president.
Last Friday (17 January), an 'official' Donald Trump meme coin, $Trump, was announced and shortly broke into the crypto top 20 by market capitalisation and hit a staggering $14 billion.
Trump posted on social media as his token launched: "It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW."
What is cryptocurrency?
Cryptocurrency, or just 'crypto', is a digital currency that uses cryptography to allow people to make secure payments without a central bank or government.
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Cryptocurrencies, like Bitcoin, are stored electronically and exchanged using computer code.
What are meme coins?
A meme coin is a type of cryptocurrency.
Described by traders as 'pure form of gambling' and akin to 'buying a lottery ticket', the coins are inspired by trends such as internet memes.
They have no inherent utility and often find themselves susceptible to crashes and price swings.
Examples of meme coins include Dogecoin (DOGE), Hawk Tuah and Pepe.
How do people buy meme coins?
To buy a meme coin, you need to create an account on the Binance website or the app which is a centralised exchange where you can buy several cryptocurrencies.
How much does the Trump meme coin cost?
Now, the Trump coin initially sold for $10 before surging to $70 by Sunday morning (19 January), giving it a total value of over $14 billion shortly after its launch on Friday.
According to the meme coin’s website, Trump-owned company, CIC Digital LLC, will own 80 percent of the coin’s supply.
How did Melania's rival meme coin affect Trump's?
Just days after Trump announced his meme coin, Melania, on the eve before her husband's inauguration, launched her own rival cryptocurrency.
The incoming First Lady of the United States took to X yesterday (19 January) to announce the news, writing: "The Official Melania Meme is live!
"You can buy $MELANIA now."
Shortly after the launch of $Melania, the price of $Trump fell by more than 50 percent, from $75 to $30.
It then recovered hours later to about $64 with the market capitalisation of $Melania reaching as high as $13 billion, per the Guardian.
"This is beyond insane," analysts at The Kobeissi Letter wrote on X. "Less than 48 hours ago, Donald Trump launched $trump which just erased $7.5 billion in market cap in 10 minutes.
"In the minutes around the launch of Melania Trump's token, we saw massive sell orders in $Trump."
How much does the Melania meme coin cost?
According to Binance, at the time of writing, the live price of the Melania meme coin is $11.98.
Topics: US News, Politics, McDonalds, Money, Technology
Rhiannon Ingle