$MELANIA coin tanks 42% from day’s high after debut; $TRUMP coin falls 50% | Stock Market News
Source: Live Mint
President of the United States of America, Donald Trump’s wife, Melania Trump, launched her official cryptocurrency meme called $MELANIA on Monday, January 20.
“The Official Melania Meme is live! You can buy $MELANIA now,” said Melania Trump in a social media post on platform X.
Donald Trump became the 47th President of the United States as he was sworn in his duties on Monday, January 20.
Like Donald Trump’s $TRUMP, the $MELANIA coin is a Solana blockchain-based cryptocurrency. The Melania Trump meme coin also made a stellar debut on the first day as it gained nearly 84 per cent to reach an all-time high, according to data collected from CoinMarketCap.
$MELANIA coin gains today
The Melania meme coin “$MELANIA” is trading 5.4 per cent higher at $7.72 as of 9:56 p.m. (IST), compared to $7.41 at the launch today. $MELANIA market capitalisation (MCap) stands at $1.47 billion, according to CoinMarketCap data.
The trading volumes in the last 24 hours stand at $5.9 billion. The meme coin hit its all-time high at $13.64, with trading volumes at $3.26 billion. The coin’s MCap was at an all-time high of $2.21 billion.
According to the official data, the total supply for the $MELANIA coin will be capped at 1 billion, and as of January 20, 19.22 per cent of 192.21 million coins are in circulation in the crypto market.
The gains in $MELANIA came in contrast of the losses in Donald Trump’s $TRUMP as the cryptocurrency crashed nearly 50 per cent ahead of inauguration day.
$MELANIA coin’s goal?
According to the official website of the Melania coin, the $MELANIA is an official product from Melania Trump and is the only “Official Melania Meme.”
Users can buy the Melania meme coins via the website using a debit card or other cryptocurrency.
The crypto comes with a clear disclaimer which says that, “Melania Memes are intended for collecting and entertainment purposes only. They are not financial instruments or investments. Always do your own research and never invest more than you can afford to lose.”
The motive behind launching this meme coin is as an expression of support for the Donald Trump administration and the values associated with the symbol of Melania.
So far, the crypto meme coin has given investors returns, but amid the extreme volatility, the $MELANIA also wiped off its initial gains and is trading close to its opening price. Considering the general volatility of the crypto market, investments should be made after careful consideration, exercising caution, and sound financial advice.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
