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- Melania Trump, the incoming First Lady, announced her cryptocurrency token, MELANIA, to her 3.4 million followers on X during her husband’s victory rally at Washington, D.C.’s Capital One Area.
- As revealed on its official website, MELANIA is minted on the Solana blockchain, leveraging the network’s transaction speed, low fees, and robust security features.
The incoming First Lady, Melania Trump, launched her own meme coin, MELANIA, on Sunday, just one day before her husband’s inauguration as the 47th president of the United States. Described as a means to “support” and “engage” with Melania Trump, the token explicitly states that it is “not intended” for investment purposes.
The announcement came on X, where Melania Trump declared, “The Official Melania Meme is live! You can buy $MELANIA now.” Within minutes, the token saw a surge in value, reaching a market capitalization of $4 billion in just 30 minutes. By the end of its first hour, MELANIA had already attracted 20,000 investors, making it one of the fastest launches in the cryptocurrency world.
The Official Melania Meme is live!
You can buy $MELANIA now. https://t.co/8FXvlMBhVf
FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6
— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025
Notably, MELANIA is minted on the Solana blockchain, a platform increasingly popular among meme coins due to its attractive combination of high-speed transactions, low fees, and robust security features.
Red Flags and Controversies
This launch comes just days after Donald Trump introduced his own meme coin, TRUMP, on Truth Social and X. Like MELANIA, TRUMP experienced rapid growth, reaching a $14 billion market cap and placing it among the top 20 cryptocurrencies globally as we reported. However, MELANIA’s debut had an immediate and significant impact on $TRUMP. Within minutes of Melania’s announcement, TRUMP’s value plummeted by nearly 40% as investors shifted their focus and funds to the new offering.
Interestingly, MELANIA positions itself as a more community-focused token compared to TRUMP, which allocates 80% of its supply to entities linked to the Trump Organization, leaving only 20% available for public investors. According to the MELANIA official website, its allocation is divided as follows: 20% to the treasury, 20% to the community, 15% for public distribution, and 35% set aside for team vesting.
However, this claim has been met with skepticism from crypto experts. Blockchain analytics platform Bubblemaps has raised concerns about the token’s distribution, revealing that nearly 90% of $MELANIA’s total supply is held in a single wallet, directly contradicting the website’s stated allocation and raising questions about its transparency.
Crypto developer Cygaar also pointed out issues with the website, noting that it was quickly developed on January 18. It lacked basic security measures, such as Cloudflare, and had poorly executed front-end code, which led to questions about the team’s technical abilities.
MELANIA currently has a market cap of $2.05 billion and is trading at $12.64. In contrast, TRUMP has seen a remarkable 360.57% increase in trading volume, pushing it to $52 billion. Its price has also risen by 29.80% in the last 24 hours, now trading at $59.10 on CoinMarketCap.
