Not a few people in the crypto community are outraged when the Trump administration announced up to 2 memecoins within 72 hours.
The TRUMP Bit dropped 50% after Melania launched her own memecoin
In the early morning of January 20, 2025, the new First Lady of the United States, Melania Trump, announced on her personal social media accounts that she would launch her own memecoin with the code MELANIA.
The Official Melania Meme is live!
— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025
You can buy $MELANIA now. https://t.co/8FXvlMBhVf
FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6
MELANIA is a memecoin on Solana with a total supply of 1 Billion units. Of which, 15% is directly issued to the community, 10% is reserved for Liquidation on DEX platforms, an additional 20% is allocated to the community, while the project retains 20% for the treasury fund and 35% is locked for the team.
Although the allocation ratio to the community is higher than the TRUMP Bit, MELANIA has a shorter Token Lockup period for the team, starting to unlock after 1 month and then distributing the tokens regularly over the next 13 months.
MELANIA Token allocation. Source: melaniameme.com
Both Trump's Bits have similar website designs, as well as claiming that these currencies are solely for meme culture and have no political motives behind them.
This Token is rapidly soaring, with a fully diluted market capitalization reaching up to $13 Billion at one point.
MELANIA memecoin price movement, screenshot from DEXScreener at 08:30 AM on January 20, 2025
Immediately after Melania's announcement, the Bit of the Official Trump (TRUMP) plummeted from $70 to $38, before recovering to around $48 at the time of writing.
TRUMP memecoin price movement, screenshot from DEXScreener at 08:30 AM on January 20, 2025
The crypto community is clearly disappointed
The majority of opinions in the crypto community are surprised by the continuous issuance of memecoins by the Trump administration.
Some say that the initial launch of TRUMP on Solana was truly "high-level", as evidenced by the success of this memecoin in reaching a market capitalization of tens of Billions of Dollars just hours after its launch and being enthusiastically received by the community, but that reputation has now "gone down the drain" with MELANIA. Having two memecoins at the same time will dilute their value, as evidenced by the current market capitalization of MELANIA being close to the amount of market capitalization that TRUMP just lost.
dude who tf is advising the Trumps on launch coins rn
— intern ⨀ (@intern) January 19, 2025
they HAD IT and then just undermined the whole damn thing with Melania smh
Conor Grogan, a Coinbase executive and on-chain analyst, believes that the TRUMP and MELANIA memecoins are operated by two different teams. While TRUMP was deployed in a methodical and professional manner, MELANIA seems to be managed by an "amateur" group, as the wallet address used to deploy the Token has previously transacted on pump.fun, and is not even a multi-sig wallet to enhance security.
My guess is that this token was handled by a different team than TRUMP's. That one looks like professional market makers, this one honestly looks like a college kids pic.twitter.com/UR9Cbm0Ncw
— Conor (@jconorgrogan) January 19, 2025
Melania's website appears to have been set up just yesterday and doesn't even use Cloudflare to protect against DDOS.
So this Melania meme site was setup yesterday, has no cloudflare protection, and has some half-assed frontend code.
— cygaar (@0xCygaar) January 19, 2025
So yeah, people are definitely grifting here. At least the Trump coin was planned weeks in advance. pic.twitter.com/hCMvwcgWEZ
Furthermore, it was discovered that the actual circulating supply of MELANIA is only 10% of the total supply, contrary to the figure disclosed on the website, while the project's wallet holds 89% of the Tokens.
JUST IN: 🇺🇸 The bubble map of $MELANIA does NOT match the distribution on their website pic.twitter.com/Q734sd4ykJ
— Bubblemaps (@bubblemaps) January 19, 2025
The "pumping" actions of the Trump administration have even made some rethink the accusations made by Gary Gensler, the former SEC Chairman who resigned on the first day of Trump's presidency, that the crypto industry is full of scams, and that the former SEC Chairman might have been right.
Gensler is laughing at us
— db (@tier10k) January 19, 2025
Furthermore, the timing of the Token deployment also raises questions about the underlying motives, as all of this is taking place just a few days before Donald Trump is sworn in as the President of the United States on January 20, 2025 (US time), a position that is arguably the most important in the world and requires seriousness and formal ceremony, which has been somewhat impacted by the fact that the White House occupant now owns a personal memecoin.
Compiled by Coin68
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