President-elect Donald Trump made headlines recently with the launch of his official meme coin, TRUMP, just ahead of his Inaugural Day. This token has quickly gained popularity in the crypto market, currently ranking as the 18th-largest digital asset with a market cap of $11.76 billion and a price of $58.83 as per CoinMarketCap data.
In a surprising turn of events, TRUMP has seen a significant surge of 54.29% in the past 24 hours following its listing on Robinhood, one of the leading stock and crypto trading platforms. This sudden increase in value has caught the attention of many investors and traders, leading to a trading volume of $52 billion within the same timeframe.
Notably, TRUMP now ranks fourth in trading volume, trailing behind only USDT, Bitcoin, and Ethereum. The token is now available on major crypto exchanges such as Binance, Kraken, OKX, Bybit, and Robinhood. Despite reaching an all-time high of $75.35, TRUMP has experienced a slight drop of 23.45% from its peak.
Adding to the excitement, Melania Trump, the soon-to-be First Lady, also joined the meme coin craze by launching her own token, $MELANIA. Introduced on January 19, $MELANIA has seen a remarkable increase of 56.46% within 24 hours, trading at $11.48. However, it is currently down 16.54% from its peak of $13.19 recorded 16 hours ago.
While the launch of these meme coins has garnered attention and excitement in the crypto community, it has also sparked criticism towards Trump. Some market participants have accused him of being “greedy” for releasing back-to-back tokens. Delphi Labs co-founder José Maria Macedo suggested that insider profit-taking may have contributed to the drop in TRUMP’s price following the release of $MELANIA.
Financial analyst Michael A. Gayed and Jim Bianco of Bianco Research have also expressed concerns about the potential impact of these token launches on Trump’s credibility. Despite the success of the TRUMP token, the rushed launch of $MELANIA has raised questions about the motives behind these actions.
As the crypto market continues to evolve and adapt to new trends, the launch of meme coins like TRUMP and $MELANIA serves as a reminder of the unpredictable nature of digital assets. Investors are advised to proceed with caution and conduct thorough research before making any investment decisions related to these tokens.