Incoming First Lady Melania Trump’s self-titled memecoin, MELANIA, surged to a staggering $6.14 billion market cap within two hours of its launch on January 19, 2025, while President-elect Donald Trump’s token, TRUMP, suffered a sharp decline. The TRUMP token plummeted 38% in value, wiping $5 billion from its market cap, as MELANIA gained traction.
In a post on X (formerly Twitter), Mrs. Trump promoted the MELANIA token, describing it as a way to foster “support” and “engagement.” Donald Trump also amplified her post, signaling a united front despite the competitive impact on his own token. Blockchain analytics from DEXScreener revealed that over 45,000 wallets purchased MELANIA shortly after its launch.
Despite its meteoric rise, questions about MELANIA’s legitimacy have surfaced. A website tied to the token claims that its distribution includes 35% allocated to the development team, 20% each for treasury and community, 15% for public sales, and 10% for liquidity. However, blockchain analytics platform Bubblemaps reported that nearly 90% of the token supply resides in a single wallet, contradicting these claims.
Cryptocurrency expert and Coinbase executive Conor Grogan expressed skepticism, noting that the MELANIA token appears less professionally managed compared to TRUMP’s. “It’s unlikely this is a rug pull, but the project lacks the polish seen with TRUMP,” Grogan observed. He speculated that a different team, possibly less experienced, was behind MELANIA.
Further scrutiny revealed that the creator’s wallet had prior connections to a Solana memecoin launchpad, pump.fun. Critics also highlighted security concerns. Anonymous crypto developer “cygaar” pointed out that the MELANIA website, created on January 18, lacks robust cybersecurity measures and features incomplete front-end code.
The token launch is supported by MKT World LLC, a company established by Mrs. Trump in 2021 and registered at the Trump International Golf Club address.
The competing memecoins launch just a day ahead of Donald Trump’s January 20 inauguration, sparking intrigue over their political and market implications. While MELANIA thrives, the fallout for TRUMP underscores the volatile dynamics of the memecoin frenzy.
