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Donald Trump’s controversial memecoin, $TRUMP, suffered a dramatic 38% plunge in value on January 19, wiping $5 billion off its market cap. According to CoinMarketCap data, the token’s price fell from $74.6 to $45.9 in just 40 minutes, following the launch of a competing memecoin by the incoming First Lady, Melania Trump’s self-titled token, $MELANIA, has taken the crypto world by storm, hitting a market cap of $6.14 billion within two hours of its launch. Promoted in a post on X (formerly Twitter) by Mrs. Trump and amplified by her husband, the memecoin saw over 45,000 wallets purchasing it shortly after its release at 9 p.m. UTC, according to DEXScreener Wars: $MELANIA vs. $TRUMPWhile $TRUMP experienced a sharp decline, $MELANIA’s launch has been hailed as a resounding success. Marketed as a token to foster “support” and “engagement,” $MELANIA’s website emphasized that it was “not intended” as an investment opportunity. The competing memecoin launches come just one day before Donald Trump’s presidential inauguration on January 20.
