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Former First Lady of the United States, Melania Trump, announced the launch of her meme token MELANIA on Platform X on January 20. The move caused a sharp drop in demand for the official Trump token (TRUMP), which was launched by Donald Trump just 48 hours earlier.
TRUMP’s market cap fell by 55% within 10 minutes of the announcement, to $9.42 billion. Previously, TRUMP had been performing well, with buy orders outstripping sell orders. However, after MELANIA’s launch, selling pressure on TRUMP increased, with sell orders reaching $351.7 million versus $244.5 million in the first hour after launch. This imbalance caused TRUMP’s price to decline.
The selling pressure on TRUMP also affected Solana (SOL), which lost almost 20% of its value in a matter of minutes. However, TRUMP still has around 824,000 holders and is currently worth around $39 billion. With a three-year vesting schedule, there is a possibility of stabilizing the price of this token in the future. 5 replies
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