Melania Trump, the wife of Donald Trump, introduces a competing cryptocurrency, causing her husband’s coin to drop by 50%.

The introduction of Melania Trump’s rival cryptocurrency token, $MELANIA, was spectacular, momentarily devaluing her husband’s token, $TRUMP, by 50%. Both are currently increasing in value and attracting millions of supporters, making Donald Trump one of the wealthiest individuals on the planet.

The son-to-be first lady and wife of US President-elect Donald Trump, Melania Trump, introduced her own meme coin, $MELANIA, early today, January 20 (late Sunday US time). The action caused her husband’s meme coin $TRUMP to temporarily plummet by 50%, attracting traffic from cryptocurrency enthusiasts and supporters of the incoming president.

Just before Trump began a rally in Washington to celebrate his inauguration, Melania Trump shared the announcements on social media, saying: “The official Melania Meme is live! You can get $MELANIA right now.

Significantly, according to rumors, $MELANIA took investors away from Melania Trump’s husband’s cryptocurrency offering, $TRUMP, whose value plummeted by 50%.

The value of Donald Trump’s tokens dropped to $41 apiece before increasing once more. According to Coinmarketcap data, $TRUMP was up 83% from the previous day at $47 with a market capitalization of $9.82 billion at the time of writing.

At 7 am on January 20 (IST), $MELANIA was trading at $0.1702 a share, a sharp 3035.16 percent increase with a market value of $7.31 million.

At a rally, Donald Trump promotes cryptocurrency.

Trump referred to these actions as “all investments” when speaking at his rally, saying that “Bitcoin has shattered one record after another.” Trump may already be the wealthiest person in the world because of the couple’s bitcoin holdings.

Prior to the launch of $MELANIA, the Trump tokens were valued at around $13 billion on paper, making them the 19th most valuable cryptocurrency in the world, according to CoinGecko.

According to the CoinGecko research, Trump affiliates seem to own 800 million tokens in addition to the 200 million that have already been released, which could unleash up to $51 billion in potential value.

Divided Reactions to $TRUMP and $MELANIA

Critics have questioned the ethics and even potential conflict of interest coming from the assets, while supporters and cryptocurrency aficionados have praised Donald Trump and his family’s “business savvy” with the crypto selections.

Numerous pro-crypto candidates have been nominated for positions in Trump’s cabinet, and he has pledged to implement rules that are favorable to the cryptocurrency industry.