Ahead of Trump's Entry, $MELANIA Meme Coin Steals the Spotlight

Trump memecoin: As the new president elect re-enters the White House, there is an insane cryptocurrency war taking place behind the scene— and no, it's not Bitcoin.

Donald Trump's memecoin surged over 80% within just a few hours of its launch last week.

However, just ahead of the swearing-in ceremony, the trajectory took a sharp turn as his wife's self-titled token, $MELANIA, surged even higher. This eventually led to a significant drop in $TRUMP (Trump's memecoin).

At the time of writing this piece, $MELANIA was trading at $9.31 price level, a 27% surge from the previous day. The market cap of the meme coin stood at $1.5 Billion.

The cryptocurrency world has been in the spotlight ever since Republican candidate Donald Trump's win over Kamala Harris last year. While his policy stance wasn’t the only thing fueling the digital currency’s sky-high valuation, his close ties with Elon Musk and the growing inclination of major political figures also played a big part in the crypto surge.

A major cheer erupted when Bitcoin, which had been under heightened pressure in recent years, surpassed the $100,000 mark. Other cryptocurrencies like Ethereum and Dogecoin also followed a similar trajectory.

Uncertainty still hangs over the coin

There is no doubt that Trump has been a strong advocate of the digital currency since the beginning of the election season. While his policy stance might have taken a complete U-turn from his previous comments on cryptocurrencies, the environment seems quite euphoric for digital tokens as of now.

On top of that, Elon Musk joining Trump’s administration last year also gave crypto enthusiasts another reason to cheer.

But the recent launch of Trump’s meme coin has also raised doubts among netizens. For instance, when Trump initially launched the coin, many thought his account had been hacked.

And to top it off, the coin’s value shot up nearly 300% in just a few hours.

For the time being, the meme coin is still trading at significant volume, which might reflect investor's interest and trust in the legitimacy of the coin.