Melania Trump made waves in the crypto world on January 19 by launching her self-titled memecoin MELANIA, achieving a $1.5 billion market cap in just 9 hours.
Launch of MELANIA Memecoin
The MELANIA memecoin, launched by Melania Trump, quickly reached impressive market success. The token's price hit $11.85, representing a 22,000% increase since its launch. Promoted via an X post, over 45,000 wallets acquired the token within the first hour.
Market Reaction
The debut of MELANIA negatively impacted the TRUMP token, which saw its price drop by 38% in 40 minutes, reducing its market cap by $5 billion. This event occurred a day before Donald Trump's inauguration, creating an interesting rivalry within the Trump family.
Criticism and Implications
Despite its success, questions about the project's transparency arose. Platform Bubblemaps pointed out that 90% of MELANIA tokens are held by a single wallet, raising concerns. Additionally, some experts noted the project's lack of professional planning and the insecure website, registered shortly before the ICO start. The website belongs to MKT World LLC, a company associated with Melania Trump since 2021.
The launch of the MELANIA memecoin left a significant mark on the crypto market but raised concerns about the project's transparency and security, requiring investors' attention.
