Launched on January 20, 2025, just a day before Donald Trump’s inauguration, $MELANIA initially surged, reaching a market cap of $2 billion within hours. However, it has since faced extreme volatility, with its value declining significantly to $4.03 as of 1:22 pm IST on Wednesday, January 22.
Similarly, the $TRUMP coin, which launched a few days earlier on January 17, has seen its price fall to $42.80 during Wednesday’s trading session, a 43% drop from its all-time high of $75.35 recorded on January 19.
Crypto Tracker
Also Read: There has never been a better time to invest in crypto, says Donald Trump’s son EricIn contrast, Bitcoin, the world’s largest cryptocurrency, experienced a sharp rally, surging past the $107,000 mark in early Wednesday trading. This surge followed the U.S. Securities and Exchange Commission’s (SEC) announcement of a new initiative to overhaul crypto regulations.
On Tuesday, the SEC’s new leadership revealed the formation of a task force dedicated to creating a regulatory framework for digital assets. This move is seen as the Trump administration’s first significant step toward addressing cryptocurrency policy.”After a pullback, Bitcoin gained following the SEC’s launch of the ‘Crypto Task Force’ to develop a framework for digital assets. This move has boosted investor confidence in the Trump administration’s approach to crypto, despite the absence of any related announcements during the inauguration,” said Edul Patel, CEO of Mudrex.”With Commissioner Hester Peirce, known for her pro-crypto stance, leading the task force, we can expect a progressive framework to emerge,” Patel added.
Both Trump and Melania coins were created on the Solana blockchain. According to the project’s website, 80% of Trump Coin’s tokens are held by CIC Digital, an affiliate of Trump’s business, and another entity called Fight, Fight, Fight.
These meme coins were launched as symbolic representations of support for Donald Trump’s administration and its values.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
