Trumps Meme Token Plummets 40 as Melania Launches Rival Coin

Melania Trump’s MELANIA Token Sends Shockwaves Through Crypto Market as reported by Bitcoinethereumnews.com

In a stunning turn of events, the launch of Melania Trump’s MELANIA token has left the cryptocurrency market reeling. The Solana-based meme coin, which debuted on Truth Social and X, has not only achieved a staggering $10 billion valuation within three hours of launch but also sent the official meme coin of President-elect Donald Trump, TRUMP, plummeting by over 40%.

TRUMP Token Takes a Hit

According to CoinGecko data, TRUMP’s value dropped from around $72 on Sunday to below $39 on Sunday evening, wiping out a whopping $6 billion of its market value. This drastic decline has knocked TRUMP out of the top two meme coins by market capitalization, with Shiba Inu (SHIB) surging back into second position.

MELANIA Token’s Meteoric Rise

Melania Trump’s MELANIA token, on the other hand, has been on a tear, achieving a valuation of $12 billion in less than three hours of launch. The token’s official website reveals that 35% of the allocation will go to the team, 20% each to the treasury and community, 15% to the public, and 10% to liquidity.

Blockchain Experts Raise Red Flags

However, blockchain experts have raised concerns about the legitimacy and professionalism of the team behind MELANIA. Conor Grogan, head of product business operations at Coinbase, pointed out that the wallet handling the creation of Melania’s token had previously been active on the memecoin launchpad Pump.fun and lacked a multisignature wallet, unlike the one used for Donald Trump’s token.

Poor Development and Security Concerns

Cygaar, a blockchain engineer, went a step further, suggesting that MELANIA was created as an attempt to “grift.” The website associated with the token was poorly constructed, lacking adequate security measures, and was set up just a day before the launch.

Crypto Community Backlash

The launch of MELANIA has faced intense backlash from the crypto community, with many calling out the perceived lack of professionalism and security. Some have even joked about wanting SEC Chair Gary Gensler back, citing the need for stricter regulations.

A Cautionary Tale

The MELANIA token launch serves as a cautionary tale for investors, highlighting the importance of doing thorough research and due diligence before investing in any cryptocurrency project. As the crypto market continues to evolve, it’s essential to prioritize security, transparency, and professionalism to avoid falling prey to potential scams or “grifts.”

Stay Vigilant, Stay Informed

In the ever-changing world of cryptocurrency, it’s crucial to stay vigilant and informed. Keep a close eye on market trends, and always prioritize caution when investing in new projects. Remember, a project’s legitimacy and potential for success are not solely determined by its valuation or popularity.

Source: Bitcoinethereumnews.com

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