America's First Scythe? After "Trump Coin" Soars 400 Times, "First Lady Coin" Is Launched
Cryptocurrency seems to have become a family business, with the "First Lady Coin" launching and its market value skyrocketing to $5 billion, with prices breaking $5. The "Trump Coin" plummeted, erasing $7.5 billion in market value within 10 minutes, and as of now, its price has dropped over 40% from its peak
Cutting Leeks, Is It Still Up to the U.S. President's Family?
On the 18th, just two days before Donald Trump officially took office in the White House, he launched his personal MeMe coin, "Trump Coin."
The token became an instant hit upon its launch. Data shows that "Trump Coin" started trading at an opening price of $0.1824, skyrocketing over 15,000% to about $30 within 12 hours, and reaching a peak of $75.35 since its launch (with a cumulative increase of over 41,200%), with a fully diluted market cap (FDV) close to $80 billion.
With the popularity of "Trump Coin," Trump's wife Melania also seized the opportunity to launch her own cryptocurrency—Melania Coin, also known as the "First Lady Coin." On the 20th, Melania announced on social media platform X, "The official Melania emoji pack is now live," along with a purchase link.
Traders quickly flocked in, pushing the price of the "First Lady Coin" to break $5, with an FDV market cap exceeding $5 billion. Similar to Trump Coin, "First Lady Coin" is also a MeMe coin based on the Solana blockchain, with its value relying on community attention and participation.
The launch of "First Lady Coin" had a huge impact on Trump Coin. As of the time of writing, "Trump Coin" has plummeted to $44.1, down 41.4% from its peak of $75.35, nearly halving in just two hours.
Analysts pointed out that this phenomenon reflects the market's frenzied pursuit and rapid shift regarding the Trump family's cryptocurrencies.
An analyst from Kobeissi Letter posted on X, stating: "This is just insane. Less than 48 hours ago, Donald Trump launched Trump Coin, and within 10 minutes of the launch of 'First Lady Coin,' it wiped out $7.5 billion in market cap. We saw a massive sell-off of Trump Coin within minutes of Melania Trump's token launch."
Influencer Mario Nawfal on platform X commented: "Cryptocurrency seems to have become a family business."
Behind the cryptocurrency craze of the Trump family is their policy support for the crypto industry. Trump appointed David Sacks as the head of cryptocurrency and artificial intelligence affairs, who announced at a so-called "crypto ball" event: "The reign of terror over cryptocurrency is over; America's era of crypto innovation has just begun."
Although the short-term performance of "Trump Coin" and "First Lady Coin" is eye-catching, the high volatility and speculative nature of the cryptocurrency market cannot be ignored. Analysis firm The Kobeissi Letter warned that such frenzied market behavior could pose significant risks. Investors should approach such meme coins with caution to avoid losses from blindly following trends