The crypto world witnessed a dramatic shake-up as Melania Trump, the incoming First Lady, launched her own memecoin, MELANIA, causing a 38% drop in the price of Donald Trump’s TRUMP token. Within just two hours of its debut, MELANIA’s market cap soared to $6 billion, according to DEXScreener data.

Melania promoted her token via a Jan. 19 social media post, which was also shared by her husband. Over 45,000 wallets reportedly bought MELANIA, with the token quickly reaching a $6.14 billion valuation. Meanwhile, Donald Trump’s TRUMP token saw $5 billion wiped off its market cap, plunging from $74.6 to $45.9 within 40 minutes, per CoinMarketCap.

The MELANIA token's website claims it is “not intended” for investment but rather a form of support and engagement. The site states that the token’s allocation includes 35% for the team, 20% each for treasury and community, 15% for public sale, and 10% for liquidity. However, blockchain analytics platform Bubblemaps revealed that 90% of the token supply resides in a single wallet, casting doubt on the stated distribution.

Crypto experts offered mixed opinions. Coinbase executive Conor Grogan suggested that MELANIA’s team appears less professional than the one behind TRUMP, likening it to an amateur effort. Meanwhile, a crypto developer highlighted security flaws on the MELANIA website, which was hastily created on Jan. 18.

Interestingly, intellectual property rights for the MELANIA project belong to MKT World LLC, a company established by Melania Trump in 2021, sharing an address with Trump International Golf Club. This memecoin saga unfolds just a day before Donald Trump’s presidential inauguration, adding a layer of intrigue to the already controversial launch.