The crypto market witnessed significant volatility at the start of the week after the Trump family ventured into meme coins, with tokens they launched a day earlier sliding in value.
First Lady Melania Trump’s newly launched meme coin, Melania Meme (MELANIA), has fallen more than 60% from its debut high following President Donald Trump’s inauguration on Monday.
MELANIA now sits with a market cap of $625.5 million, per CoinGecko data. At the same time, Donald Trump’s meme coin, Official Trump (TRUMP ($5.63)), also took a sharp hit, falling 43% to $45 from a peak of $73.43 earlier in the week.
The Solana-based coin skyrocketed 12,000% on its debut, reaching as high as $13.05 before falling to just $4.18, CoinGecko data shows.
Billed as a collectible and entertainment token, the project’s FAQ noted it is “not a financial instrument or investment.” However, the steep drop in its value has raised questions about its speculative nature despite the disclaimers....
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