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Trump’s meme coin attracts billions in trading volume, crashes after Melania’s coin launches

Over the weekend, Donald Trump’s new meme coin, trading under the $Trump ticker on the Solana blockchain, made a significant impact in the cryptocurrency market. After Trump promoted the token on his social media accounts on Friday, it quickly gained momentum, reaching a market value of $15 billion. Crypto fans jumped on the chance to cash in on the hype, but the excitement didn’t last long.

A few days later, Melania Trump’s launch of her own meme coin, $MELANIA, on January 20 completely upended the market. The timing couldn’t have been worse for Trump’s token. As soon as $MELANIA hit the market, the value of Trump’s token dropped significantly, causing a sharp decline in its market cap. Investors who had been rushing to buy Trump’s coin quickly sold it off, diving into Melania’s new digital asset instead.

Trump coin soars, then plunges

At first, Trump’s meme coin seemed to be extremely well. It reached a market value of $15 billion in just a few days, making it one of the top 20 cryptocurrencies. The token was promoted as the “only official Trump meme,” with artwork showing the president-elect with his fist raised triumphantly. Despite the big claims, the website made sure to point out that the token wasn’t meant as an investment opportunity.

The coin attracted huge interest, with major exchanges like Coinbase and Binance set to list it. The influx of money into Trump’s token left most other cryptocurrencies struggling, according to hedge fund manager Richard Galvin, who said that the size of the capital flowing into the Trump coin had affected other digital assets, except for Solana (SOL). But then Melania Trump’s announcement hit, and everything changed.

Melania’s coin steals the show

Melania Trump’s $MELANIA coin quickly gained popularity. The price of her coin quickly shot up, and its market cap exceeded $5 billion. Meanwhile, Trump’s token was hit hard, losing almost 40 percent of its value in just minutes. As traders flocked to Melania’s coin, Trump’s token saw its market cap drop by a staggering $7.5 billion in just 10 minutes.

The sudden crash was enough to make analysts take notice, with some calling it “insane.” The rapid shifts in value highlight just how volatile the world of meme coins can be. While these tokens often gain traction on social media, they can equally quickly lose their momentum once attention shifts elsewhere.

What’s next for crypto and meme coins?

Despite the wild swings, both Trump and Melania’s coins have captured the fancy of crypto traders. It’s clear that social media influence and celebrity involvement are becoming huge drivers in the world of digital currencies. Melania’s recent entry into the cryptocurrency debate, coupled with Trump’s longstanding support for it, suggests that this trend may persist.

But for all the hype, meme coins are notoriously unpredictable. Will these tokens hold their value, or are they just another fleeting trend in the crypto world? Only time will tell, but one thing’s for sure: in the world of cryptocurrency, everything can change in the blink of an eye.

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