TRUMP token plummets 50%
The cryptocurrency market experienced significant volatility recently, particularly with the TRUMP (CRYPTO:TRUMP) token, which saw a dramatic drop of over 50% in value.
This decline coincided with the launch of a new meme coin by Melania Trump, marking a noteworthy event as it is the first time a president's family member has entered the meme coin arena.
Initially, Donald Trump's TRUMP token surged to become one of the largest cryptocurrencies, achieving a market capitalisation in the billions within just two days.
However, the excitement was short-lived as the token's value plummeted rapidly, losing substantial market cap.
Melania Trump's announcement of her own meme coin was shared on Donald Trump's official X account, indicating a strategic promotion.
Data from Dexscreener revealed that over 88% of Melania's coin supply is held by a single wallet, raising concerns about centralisation.
The launch of Melania's coin appears to have had immediate repercussions on the TRUMP token's value, which lost billions in market capitalisation shortly after her announcement.
The new MELANIA token quickly gained traction, reportedly reaching a market cap exceeding $4 billion within its first half-hour of trading.
Despite the initial hype surrounding both tokens, analysts are closely monitoring their performance and potential long-term implications for their respective values.
As the situation develops, it remains to be seen how these meme coins will impact the broader cryptocurrency landscape and whether they will stabilise or continue to fluctuate wildly.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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