America’s incoming first lady, Melania Trump’s meme coin $Melania has hit $2 billion in market cap, hours after its launch on the Solana platform early Monday. The official Melania meme token, launched as a digital collectible, was trading at around $12 with a 24-hour volume of $3.2 billion and a market cap of $2.2 billion at the time of filing this report, as per data from Coinmarketcap.com.
Reflecting a broader trend in the global crypto industry market where coins are tied to public figures or memes to attract attention and engagement, the Melania coin’s value surged shortly after its release driven by hype and speculative trading.
Importantly, its introduction also impacted related tokens, such as her husband’s incoming President Donald Trump’s meme coin, $TRUMP which dropped by 48 per cent from $74 at midnight on January 20 to $38 in the morning before recovering to $63 around 11 am. The market cap also plunged to $7.6 billion from $14 billion. The coin was trading at $58 with a market cap of $11.6 billion at the time of filing this report.
The interplay between the two tokens has further fueled discussions and interest within the cryptocurrency community, attracting a substantial number of investors and keeping $Melania in the spotlight despite the disclaimer on the coin’s official website.
“Melania memes are digital collectibles intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA. and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type,” the disclaimer read.
The meme coin is currently available for purchase via debit card or crypto from the official website melaniameme.com.
Given the nature of meme coins, which are highly speculative and volatile, their value is often driven by hype, investor sentiment, and market speculation rather than fundamental value.
If the demand for the Melania coin continues, the prices are likely to go further up riding on the initial buzz. However, in case it is unable to provide meaningful use cases or add value beyond its meme appeal, the interest might wane.
The launch also assumes significance as the US crypto market sees a policy reversal to legitimise the industry under Trump’s Presidency as there are plans to make cryptocurrency a national priority. According to a Bloomberg report last week, Trump has plans to release an executive order naming crypto as a policy priority, and guiding government agencies to work with the crypto industry.