US First Lady-to-be Melania Trump has just defeated her husband Donald Trump ahead of his US Presidential inauguration ceremony tonight. But it's not how you might think. The cryptocurrency market witnessed a stir as two new meme coins, $TRUMP and $MELANIA, grabbed headlines on January 20. These digital assets, named after former US President Donald Trump and his wife Melania, are built on the Solana blockchain and have sparked intrigue among traders. Interestingly, after $MELANIA became official, $TRUMP took a massive tumble almost immediately. Let's take a closer look.
What Are $TRUMP & $MELANIA Coins?
These meme coins are fungible digital currencies designed for speculative trading and transactions, much like other cryptocurrencies.
Both are hosted on the Solana blockchain, emphasising speed and efficiency in terms of transactions.
$TRUMP Vs $MELANIA
The $TRUMP coin made waves following its launch on January 17, skyrocketing into the top 20 cryptocurrencies by market capitalisation with a valuation of $14 billion. However, the coin's meteoric rise was short-lived.
The introduction of the $MELANIA coin on January 20 triggered a sharp 40 per cent drop in $TRUMP's price, which fell to $44.82 from its peak of $74.06 in less than 24 hours.
However, as per CoinMarketCap, $TRUMP has now managed to recover. At the time of writing, $TRUMP price stood at $59.41, with an overall 24-hour gain of nearly 27 per cent. $MELANIA, on the other hand, is currently priced at $12.22, with a 24-hour jump of nearly 70 per cent.
Should You Buy $TRUMP & $MELANIA?
Both $TRUMP and $MELANIA are memecoins and historically, their sudden boom is always followed by eye-watering drops. Since the crypto market is driven by sentiments, the news of Donald Trump's Presidential oath-taking is driving the prices for now.
There's no guarantee that the rallies will continue once the ceremony is over, or even if Trump announces pro-crypto policies during his term in office.
So, do your market research and make sure you have the capability to sustain a sudden loss should you choose to deal with cryptocurrencies.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.