The crypto market was shaken up by the debut of the “official” Donald Trump memecoin, which surged in value and briefly hit a $14 billion market cap, quickly becoming one of the top 20 cryptocurrencies.
However, the market took a sudden turn when Melania Trump launched her own coin, $MELANIA. The release included a website link for purchasing the coin, which quickly soared past $5, pushing its market cap to over $5 billion.
Both coins are built on the Solana blockchain, known for fast transactions and low fees. As a result, Melania’s coin caused Trump’s memecoin to plummet by around 40%, erasing $7.5 billion from its market cap in a matter of minutes.
This unexpected event follows comments by David Sacks, Trump’s appointed crypto czar, announcing the start of a new era of crypto innovation in the U.S. Many are now wondering if the Trump family will continue to disrupt the crypto space with additional digital assets.
