A day before his inauguration as 47th U.S President, Donald Trump hit the crypto market with a new memecoin named after his wife, $MELANIA. The Melania token was launched on the Solana blockchain network. Endorsing the new coin, the incoming president retweeted an X post of the official Melania account.
The Official Melania Meme is live!
You can buy $MELANIA now. https://t.co/8FXvlMBhVf
FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P pic.twitter.com/t2vYiahRn6
— MELANIA TRUMP (@MELANIATRUMP) January 19, 2025
Following the Melania launch, The three-day-old president-elect’s token, named after him, Trump, plunged by 50%, ripping off over $150 million from leverage traders who had opened long positions.
New $MELANIA Memecoin
Within nine hours after launch, $MELANIA soared by 11,900%, from $0.1 to $12, hitting a market capitalization of $1.75 billion, and ranks as the top token on Solana blockchain DexScreener. Remarkably, only 15% of the total minted token supply was available for public distribution.
According to the Melaniameme website, about 35% of the token supply was vested in the team, 20% in the community, 10% in liquidity, and 10% in reserve.
Arkham shows that a spot trader reaped massively from the Melania token launch. A trader acquired 5.203 million MELANIA with $680,000 at $0.13. He began about 2.7 million Melania at an average price of $11.25, gaining about $30.4 million from the short-term trade. He still holds 2.5 million $MELANIA, worth $29.85 million.
Trump Faces Greed Accusation
Amid the ongoing Trump memecoins buzz, a few investors have questioned the reason for the launch. In a recent X post, the Founder of Phinance Technologies and author of Cause Unknown doubted the genuinity of the tokens, saying it is the “largest unforced error ever made before a Presidential inauguration.”
Moreover, Trump’s memecoin launch increased transaction volume on the Solana network as it reached its largest ever-known daily transaction fees. According to DeFiLlama, between Saturday and Sunday, the network reached a high of over $35 million in fees and a revenue of at least $14 million.
Meanwhile, the U.S. President-elect will be inaugurated in a few hours, and the market eagerly awaits further uptrend as the crypto Fear & Greed Index remains at 76.
