Melania Meme Coin Gamble Raises Questions As Price Drops Over 90%
Melania Trump made waves in the cryptocurrency market ahead of Donald Trump’s January inauguration by launching her own meme coin, MELANIA. The Melania meme coin saw a rapid surge in value after being listed on exchanges but has since suffered significant declines.
| Key Takeaways: – Melania meme coin is causing doubts as it initially surged in value but later saw significant declines. – Experts warn that meme coins lack intrinsic value, with some industry leaders fearing Trump’s involvement could harm crypto’s credibility. |
The Melania meme coin, which initially reached a market cap of $2.1 billion with a high of $13.73, has plunged nearly 90% and now trades around $1.50, according to data from CoinMarketCap.
According to Bloomberg, the launch of these tokens sparked debate within the crypto industry. While some viewed it as a sign of Trump’s commitment to cryptocurrency, others feared it undermined efforts to establish credibility in the market.
Experts warn that meme coins, known for their volatility and lack of intrinsic value, often rely on fleeting hype. Stephane Ouellette, CEO of FRNT Financial Inc., noted that such tokens can experience short-lived success before facing steep declines.
Tensions grew after Anthony Scaramucci, former White House Communications Director, blamed the ongoing issuance of MELANIA for the decline of TRUMP’s value. Meanwhile, Balaji Srinivasan, former Coinbase CTO, likened meme coins to lottery tickets, where late buyers risk heavy losses.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
