After Melania Trump launched a rival token, $TRUMP, Donald Trump’s cryptocurrency fell sharply. The $TRUMP coin soared after its launch. But, it fell by over 50% before recovering some of its losses.
Initially, the $TRUMP coin more than tripled in value. Its market cap rose to over $14 billion. However, the introduction of Melania Trump’s $MELANIA token caused a sudden sell-off. The $TRUMP coin, which had peaked at $75, fell to $30 before stabilizing around $64.
Melania’s token launch created a ripple effect across the cryptocurrency market. Investors quickly shifted their focus, leading to a significant dip in $TRUMP’s price. The $MELANIA token, on the Solana blockchain, hit a $13 billion market cap.
Both tokens’ disclaimers say they are not investment opportunities. This is despite their rapid market movements. Analysts worry about conflicts of interest in Trump’s ventures.
Meanwhile, the crypto market saw Bitcoin hit a record high of $108,943. This reflects a bullish trend since Trump’s election win. The crypto industry hopes for better regulations under the new president. They await his inauguration.
Despite the controversy, some crypto fans see Trump’s support for digital currencies as a good sign for the industry. The ethics of using political office for personal gain is debated.
Related posts:
The Future of Pi’s Value: Exploring the Impact of Limited Supply and Market Engagement
Enhancing Career Prospects: Kosasih’s Approach to Utilizing GitHub and Pi Network
Why is crypto surging today? Key drivers of Bitcoin’s rally
Unlocking $3,000 a Day with ETH Mining: A Beginner’s Guide
Breaking news: Trump’s Incoming Administration Weighs Bold Plan for Federal Bitcoin Stockpile
