Trump's cryptocurrency crashed due to his wife Melania's meme coin

Tengrinews.kz - The wife of the elected US President Donald Trump, Melania, launched her own joke cryptocurrency. She wrote about this on the social network X.

Trump's wife's meme coin MELANIA soared by 10 000% just an hour after its launch. The coin's capitalization has already reached $5 billion.

"You can buy $MELANIA now," Melania Trump wrote.

Melania's cryptocurrency launch has sent the price of the memecoin called $TRUMP, which made a splash over the weekend, crashing by 36% in the middle of the day after Donald Trump tweeted about the launch of a new memecoin for his wife, Investing.com reports

Amid the launch of $MELANIA, the Bitcoin price has also fallen to $99 000, according to Binance data.

On January 18, Donald Trump announced the launch of his joke cryptocurrency on the Truth Social platform and the X social network. Despite mid-day losses, $TRUMP is still up 7000% since its launch on Friday. This growth has brought significant profits to the president-elect, amounting to billions.

$TRUMP has a market cap of approximately $33 billion.

Meme coin is a cryptocurrency with no fundamental value, created for the sake of a joke and to earn money on the growth of its rate.

Earlier, during the US elections, Bitcoin has surpassed $106 000 for the first time in history.