The cryptocurrency market witnessed dramatic swings this week, with the much-hyped Trump Meme Coin ($TRUMP) plunging nearly 40 percent shortly after a meteoric 600 percent surge in the first 36 hours of its launch.
The crash came hot on the heels of another cryptocurrency debut—the Melania Meme Coin ($MELANIA)—introduced by the incoming first lady, Melania Trump.
The $TRUMP token, launched on Saturday by US President-elect Donald Trump, initially captivated crypto enthusiasts, surging from an opening price of $10 to $70 by Sunday, pushing its market capitalisation to an impressive $15 billion. However, volatility hit the coin hard following the launch of $MELANIA in the wee hours on Monday (IST), which drew significant attention from investors and caused the $TRUMP token to nosedive.
As of Monday morning, $TRUMP was trading at $53.12, equating to a market cap of $10.62 billion. Meanwhile, $MELANIA quickly gained traction, trading at $11.22 with a market cap of $2.15 billion just hours after its launch.
Melania Trump unveiled the $MELANIA token via her social media accounts.
Trump meme coin takes crypto world by storm as Rs 10,000 investment becomes Rs 70,000 in 36 hours
Support and Criticism
The $TRUMP meme coin had initially been hailed as a symbolic move signalling the president-elect's pro-crypto stance. Trump has pledged to introduce crypto-friendly policies, contrasting sharply with what many industry insiders perceive as a regulatory crackdown under the Joe Biden administration.
However, critics have raised concerns over the ethical implications of meme coins tied to high-profile political figures. Some argue that such tokens could become tools for foreign influence or special interests seeking favours from the administration.
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