TRUMP tanked after MELANIA launch

After an explosive weekend for the official Donald Trump meme coin, TRUMP, another coin related to the Trump family has been launched. And signs are emerging that there are even more to come.

Trump, who will be inaugurated as the 47th president of the US on Monday, confirmed on Saturday that he launched a meme coin, TRUMP, and urged people to buy it. While the market was initially hesitant about whether Trump's accounts on the X and Truth Social platforms were hacked, later confirmations from other Trump family members put these doubts aside, sending the price of the token sky-high.

In the past two days alone, the price jumped more than 1,200%, pushing the token into the top 20 biggest crypto assets by market capitalization, which now stands at $11.4 billion. The 24-hour trading volume of the few-day-old token is now around $37 billion, compared with the 16-year-old bitcoin (BTC)'s $116 billion. Moreover, Trump has 80% of its token supply.

However, the price of TRUMP tanked by around 44% (but soon recovered some of the losses) after another Trump family meme coin was announced this weekend, this time associated with Trump's wife, Melania.

The highly volatile MELANIA token is up 46% in a day, reaching a market capitalization of $1.4 billion and a trading volume of more than $6.4 billion.

But this is not all – it seems like the Trump family has more coins up their sleeves. Industry observers have found that the Donald Trump-supported crypto platform, World Liberty Financial, acquired three domains this past weekend: trumpcoin.eth, erictrump.eth, and barrontrump.eth. Eric and Barron are Trump's sons.

José Maria Macedo, co-founder of Web3 firms Delphi Labs and Delphi Ventures, said that "the insiders who helped launch $TRUMP didn't realize how much it would pump and either didn't buy enough or sold too early."

According to him, that could be the reason why the team rushed to launch the MELANIA token "and make sure they filled their bags this time (very visible in the chart)."

Meanwhile, Moonshot, a meme coin trading platform that debuted the TRUMP token before large centralized exchanges started to consider listing it as well, said yesterday that the token brought almost 400,000 new buyers. The marketplace's app itself has also hit the top position among the top finance apps on the US App Store, while also becoming the seventh top free app.