The recent involvement of Melania Trump in the world of cryptocurrencies is causing quite a stir. Just hours after the debut of her eponymous memecoin, MELANIA, on January 19, its market capitalization soared to an astonishing $6 billion. While this has sparked much enthusiasm, the sudden launch has provoked a fair amount of skepticism as well.
Surging Popularity of the New Token
Immediately after the launch of MELANIA, it was rapidly bought up by over 45,000 wallets, as per the data provided by DEXScreener. Within a mere two hours, the token’s market cap shot up to a whopping $6.14 billion. This demonstrated the incredible draw of a cryptocurrency affiliated with the Trump brand.
Conversely, TRUMP, the memecoin associated with Donald Trump, experienced a significant setback. According to CoinMarketCap, the price of TRUMP coin plummeted by 25% in less than an hour, wiping $5 billion off its market valuation. The cause of this decline—whether it’s a result of waning interest or broader market factors—is left open to interpretation.
Controversy Over Token Distribution
Although MELANIA’s rapid ascent is noteworthy, concerns have been raised regarding its tokenomics. According to its official website, the token distribution was as follows: 35% to the project team, 20% each to the treasury and community, 15% to the public, and the remaining 10% for liquidity.
This distribution, however, was contested by Bubblemaps, a Blockchain analytics group. They critiqued that approximately 90% of the total token supply resides in a single wallet, calling into question the project’s transparency and potential for centralization.
Swift Launch and Mixed Response
Various industry experts have suggested that the launch of MELANIA was somewhat rushed. They point to the project’s website, which appears to lack thorough cybersecurity provisions, having been hastily created just a day prior to the launch. An anonymous developer known as “cygaar” also raised concerns about poor code quality on the site, dubbing it “half-baked.”
Nevertheless, Coinbase executive Conor Grogan believes that while MELANIA may lack the polish seen with the TRUMP token, it might not necessarily be a scam.
Speculation Around the Trump Brand
Despite emphasizing that the MELANIA token is intended to promote “support” and “engagement” rather than act as an investment, the Trump name continues to attract a mix of speculation and enthusiasm. Moreover, MKT World LLC, a company founded by Melania Trump in 2021, has been linked to the intellectual property rights concerning the MELANIA website. Interestingly, the project also shares an address with the Trump International Golf Club.
The Future of MELANIA Token
There exist ample doubts regarding the authenticity of the MELANIA memecoin and the motives behind its release. As the initial surge of interest tampers down, only time will reveal if MELANIA will uphold its momentum or follow the boom-and-bust trajectory often associated with other memecoins. For now, the latest Trump venture is navigating a sea of both anticipation and skepticism.
FAQs
What is the MELANIA token?
The MELANIA token is a memecoin launched by Melania Trump on January 19.
What was the initial market cap of the MELANIA token?
The MELANIA token reached a market cap of $6.14 billion within two hours of its launch.
What concerns have been raised about the MELANIA token?
Questions have been raised about the MELANIA token’s distribution, with 90% of the total supply said to be kept in a single wallet, leading to concerns over transparency and centralization. The rushed launch and poor website coding are also areas of concern.
What is the relationship between the MELANIA token and the Trump brand?
The MELANIA token is associated with the Trump brand as it was launched by Melania Trump, and the project shares an address with the Trump International Golf Club.
