It’s been alleged that Donald Trump and his associates were involved in a “buy high, sell high” tactic or a “pump and dump scheme,” following the successive releases of memecoins which significantly increased the wealth of the incoming U.S. president and first lady by billions of dollars.
A single day following the debut of Donald Trump’s personally branded TRUMP token, which skyrocketed to a $15 billion market cap, Melania Trump introduced her own self-named memecoin, prompting critics to label their actions as inappropriate or questionable.
Jim Bianco, president of Bianco Research, stated on January 19th that it was not unreasonable to assume that Donald Trump might become more financially ambitious given the tremendous success he had achieved, in light of the debut of Mrs. Trump’s digital currency.
“He tried to double down with a $MELANIA, but the market thinks it is a form of dilution and assumes/fears that Trump has tons of other coins in the wings to come.”
In the hours following the debut of Melania’s token, the TRUMP token saw a significant drop of approximately 38%. Interestingly, Melania’s token reached a peak value exceeding $13 billion just four hours after its launch on January 19th. However, since then, its value has almost been cut in half, now standing at around $7.3 billion.
Edward Dowd, founder of Phinance Technologies, expressed astonishment on X, stating that the current drop in TRUMP’s value represents an unprecedentedly massive blunder without external intervention, prior to a Presidential inauguration.
It’s unprecedented, almost unimaginable, to observe such a significant blunder occurring prior to a Presidential inauguration…remarkable.
— Edward Dowd (@DowdEdward) January 19, 2025
Financial analyst Michael A. Gayed stated on X that Trump’s reputation has been “completely undermined,” likening TRUMP to a “pump-and-dump” scheme. Delphi Labs co-founder José Maria Macedo wrote in a Jan. 19 post on X, “My interpretation is that the insiders who initiated $TRUMP didn’t anticipate how much it would inflate, and either failed to buy enough or sold too soon.” He continued, “They quickly tried to recoup their investments with $MELANIA, ensuring they filled their coffers this time. In their haste for more profits, they destroyed approximately $30 billion in value, shifted the image into pure self-enrichment, and possibly committed several illegal acts as well.
Amidst a general decline in the cryptocurrency market, the introduction of the MELANIA memecoin occurs, as Bitcoin’s price (BTC) dropped nearly 6%, from approximately $105,900 to below $99,650 according to TradingView data.
Ryan Selkis, a supporter of President Trump and the previous CEO of crypto research company Messari, suggested that the president-elect should dismiss whoever initiated the MELANIA memecoin. He argued that these individuals are not competent and do not have the president’s best interests at heart.
In contrast to the criticism they’ve faced, Melania and Trump have drawn unprecedented interest from traders, amassing a collective market capitalization exceeding $16 billion – a figure rarely seen among other tokens.
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2025-01-20 07:34