Melania Trump announced Sunday that her new crypto meme was available to be purchased, just days after President-elect Trump announced the release of his own cryptocurrency.
Incoming first lady Melania Trump launched a crypto token of her own on Sunday after President-elect Trump announced his crypto token, called $TRUMP coin, days before he returns to the Oval Office. Melania Trump unveiled her cryptocurrency token, $MELANIA, on social media as the incoming president held a victory rally at Capital One Arena in Washington, D.C., on Sunday afternoon. "The Official Melania Meme is live!" she posted on X. "You can buy $MELANIA now.
The website associated with $MELANIA shows that 15% of the tokens will be available for public distribution. But according to the Wall Street Journal, the $MELANIA token caused the $TRUMP coin to crash more than 45% before it regained some of its value. Trump announced the launch of $TRUMP on Friday, and in less than 24 hours, the crypto went from just a few cents to $33.87, representing a staggering price gain of over 18,000%.
Sophisticated investors are often wary of meme coins, not just because of their wild price swings, but their propensity for being associated with scammers looking to make a quick buck off exuberant investors. Last month, social media influencer Haliey Welch, better known as the "Hawk Tuah Girl," was sued by investors when the price of her meme coin, $HAWK, crashed within hours of its introduction, prompting heavy investor losses.
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