Cryptocurrency seems to have become a family business.
Written by: Shuqing, Wall Street Insights
Is the U.S. President's family the one to watch for harvesting profits?
On the 18th, just two days before Trump officially took office, he launched his personal meme coin, "Trump Coin."
The token became an instant hit upon its launch. According to CoinGecko data, "Trump Coin" started trading at an opening price of $0.1824, skyrocketing over 15,000% to about $30 within 12 hours, and reaching a peak of $75.35 since its launch (a cumulative increase of over 41,200%), with a fully diluted market cap (FDV) nearing $80 billion.
With the popularity of "Trump Coin," Trump's wife Melania also seized the opportunity to launch her own cryptocurrency—Melania Coin, also known as the "First Lady Coin." On the 20th, Melania announced on social media platform X, "The official Melania emoji pack is now live," along with a purchase link.
Traders quickly flocked in, pushing the price of "First Lady Coin" above $5, with an FDV market cap exceeding $5 billion. Similar to "Trump Coin," "First Lady Coin" is also a meme coin based on the Solana blockchain, with its value relying on community attention and participation.
The Trump family's issuance of coins has had a significant impact on the entire cryptocurrency market, including mutual impacts within the family. After the launch of "First Lady Coin," Trump Coin plummeted by 60% within 30 minutes, Solana dropped by 20%, and Bitcoin fell by 6%.
Analysts pointed out that this phenomenon reflects the market's frenzied pursuit and rapid shift regarding the Trump family's cryptocurrencies.
An analyst from the Kobeissi Letter posted on X, stating: "This is just insane. Less than 48 hours ago, Donald Trump launched Trump Coin, and within 10 minutes of the launch of 'First Lady Coin,' it wiped out $7.5 billion in market cap. Within minutes of Melania Trump's token launch, we saw a massive sell-off order for Trump Coin."
Influencer Mario Nawfal on platform X commented: "Cryptocurrency seems to have become a family business."
Behind the Trump family's cryptocurrency craze is their policy support for the crypto industry. Trump appointed David Sacks as the head of cryptocurrency and artificial intelligence affairs, who announced at a so-called "crypto ball" event: "The reign of terror over cryptocurrency is over; America's era of crypto innovation has just begun."
Although the short-term performance of "Trump Coin" and "First Lady Coin" is eye-catching, the high volatility and speculative nature of the cryptocurrency market cannot be ignored. The analysis firm The Kobeissi Letter warned that such frenzied market behavior could pose significant risks. Investors should approach such meme coins with caution to avoid losses from blindly following trends.
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