TRUMP, the official meme coin of President-elect Donald Trump, lost over 40% of its value after Melania Trump dropped her own meme coin, Melania Meme (MELANIA). Trump’s meme token traded at around $72 on Sunday and dropped below $39 Sunday evening, CoinGecko data shows. The sell-off wiped out $6 billion of its market value, which peaked at approximately $14.5 billion during the day.
The recent price drop knocked it out of the top two meme coins by market cap, as Shiba Inu (SHIB) surged back into second position. Earlier today, TRUMP overtook both SHIB and PEPE, entering the top tier of meme coin rankings. The token is currently valued at around $46, reflecting a 68% increase over the past 24 hours. Melania unveiled the MELANIA token on Truth Social and X, which was widely perceived as legitimate after Trump retweeted the announcement.
The Solana-based meme coin swiftly achieved a fully diluted valuation of $12 billion in less than three hours of launch, according to data from Dexscreener.Information from the project’s official website reads that it will allocate 35% to the team, 20% each to treasury and community, and 15% to the public.
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