Cryptocurrencies Join the "ATM" Family? "First Lady Coin" Makes a Strong Debut, "Trump Coin" Plummets by 40%

Cryptocurrency seems to have become a family business. It is reported that as Donald Trump's "MeMe coin" surged, Trump's wife Melania took advantage of the momentum and launched her own cryptocurrency - "Melania coin", also known as the so-called "First Lady coin", which reached a value of $6 billion within two hours of its launch. At the same time, "Trump coin" suffered a huge blow, plummeting by 38%. Cryptocurrency becoming a family business? According to reports, Melania promoted her namesake MeMe coin "Melania coin" in a post on the X platform on January 19, which was also retweeted by Trump. It is understood that Trump will be inaugurated for his second term as president on January 20, Eastern Time. Data from DEXScreener shows that over 45,000 wallets have purchased "Melania coin", and since its launch, the market value of the token has reached $61.4 billion. Meanwhile, data from CoinMarketCap shows that the market value of "Trump coin" evaporated by $5 billion, with its price dropping from $74.6 to $45.9 within 40 minutes, a 38% drop. "Trump coin" takes a big hit Analysts believe that this phenomenon reflects the market's enthusiastic pursuit and rapid shift towards Trump family's cryptocurrency. An analyst from Kobeissi Letter stated, "Within minutes of the launch of the Melania token, we saw a large number of sell orders for Trump coin." X platform influencer Mario Nawfal commented, "Cryptocurrency seems to have become a family business." The website for "Melania coin" shared by Melania stated that the tokens were created to express "support" and "participation" rather than being intended as an investment opportunity. The website claims that 35% of the tokens have been allocated to the token team, 20% to the treasury and community, 15% sold to the public, and 10% reserved as working capital. However, the blockchain analysis platform Bubblemaps stated in an article on January 19 that nearly 90% of the token supply is held in one wallet, contradicting the claimed token distribution. Conor Grogan, a Coinbase executive, stated on X that "Melania coin" is unlikely to be a scam, but compared to the team behind "Trump coin", it may be a team with poorer organization that launched it. He said, "I guess this token is not managed by the Trump coin team. That one seems like a professional market-maker, this really looks like a college student." "Trump coin" shakes the cryptocurrency market It is reported that the digital token launched by Trump attracted billions of dollars in funding, shaking the cryptocurrency market and raising concerns about conflicts of interest. According to data from CoinMarketCap, after Trump heavily promoted "Trump coin" on social media last Friday, the token's market value soared to $15 billion over the weekend. At the same time, the broader cryptocurrency market struggled over the weekend, with Bitcoin and Ethereum declining. SOL tokens under Solana, however, surged against the trend as Trump launched a MeMe token on the popular blockchain network. Richard Galvin, co-founder of the hedge fund DACM, stated that the "scale of funds" flowing towards Trump's token led to "poor performance" in trading for most other tokens, except SOL and some related assets. In the months before and after his election, Trump has made it clear he aims to develop the cryptocurrency industry. There are reports that he is considering issuing an executive order designating this asset class as a "national priority." Trump has previously ventured into the cryptocurrency space, including profitable non-fungible tokens that showcase various poses and outfits of him. He also supports the decentralized finance project World Liberty Financial, which has gained attention, but details are scarce. As of writing, the trading price of Trump's token is around $47.86, lower than its peak of $75. Bitcoin has fallen to $100,000, Ethereum prices at $3161, SOL's momentum has cooled off with prices around $240.