Messari Founder Urges Trump to Dismiss MELANIA Meme Coin Team

Market Collision Between Two Meme Coins

Messari founder Ryan Selkis has called on soon-to-be President Donald Trump to dismiss the team behind the release of the MELANIA meme coin. According to Selkis, the launch was poorly executed, undermined Trump’s financial interests, and damaged some of the public goodwill he has enjoyed since winning the U.S. presidential polls in November 2024.

Dramatic Market Decline for TRUMP Token

In a January 19 post on X, Selkis admonished the people who had greenlighted the MELANIA project, saying they did not know what they were doing and did not have the President-elect’s best interest in mind. This was after the meme coin’s debut drove down the value of another Trump-affiliated token, Official Trump (TRUMP), by nearly 50% and wiped out billions of dollars.

TRUMP’s Market Value Plummets

TRUMP’s market value hit a high of $15 billion nearly two days after its introduction, surpassing meme heavyweights such as Shiba Inu (SHIB) and Pepe (PEPE) and even threatening to break into the top ten largest cryptocurrencies by market cap. However, MELANIA stole some of that thunder following its unveiling, with the TRUMP token dropping from a high of $75 per data from CoinMarketCap to about $38.

The Effects of MELANIA’s Launch

The First Lady’s coin jumped a fully diluted valuation of $9.99 billion, while the President’s retains a market cap of $10.74 billion, ranking #21 among cryptocurrencies. It is this turn of events that has so irked Selkis, with the Trump supporter insinuating that the poorly timed launch of the second token cannibalized the first coin’s value and painted the initiative as opportunistic. Nevertheless, he refrained from directly blaming the President for the debacle, noting that he is focused on other pressing issues such as his inauguration.

A Lack of Crypto-Native Expertise

Selkis voiced frustration over what he believes is a lack of crypto-native expertise within Trump’s advisory circle, suggesting he would be willing to help the new administration avoid similar mistakes in the future.

Critic Claims Launch Due to “Greed”

Some commentators, like Delphi Labs founding partner José Maria Macedo, have speculated that the decision to launch MELANIA could have been driven by greed. Macedo put forward that insiders who missed out on the gains made from the initial launch may have sought to capitalize with the second meme coin.

Unusual Economic Model

MELANIA’s unusual economic model could give credence to this theory: It includes a 35% team allocation with a lock-up period of just 30 days, far shorter than TRUMP’s three-year vesting period. Data from crypto trading platform GMNG also revealed that a top profitable address spent $800,000 on MELANIA tokens before flipping them for $38.6 million shortly after launch. This rapid profit-taking could further fuel skepticism about the project’s integrity, even raising concerns about insider trading.

Conclusion

The drama surrounding the MELANIA meme coin has sparked a heated debate about its legitimacy and the decision-making process behind its launch. While some have questioned the motives of the project’s creators, others have defended the initiative, arguing that it has the potential to bring in new investors and increase interest in the cryptocurrency space. As the dust settles, it remains to be seen whether the MELANIA meme coin will be able to recover from the backlash or whether it will be remembered as a cautionary tale about the dangers of poorly executed cryptocurrency projects.

FAQs

Q: What is the MELANIA meme coin?
A: MELANIA is a cryptocurrency token launched in conjunction with the incoming U.S. presidential administration.

Q: What is the purpose of the MELANIA meme coin?
A: The exact purpose of the MELANIA meme coin is unclear, but it is believed to be intended to promote the Trump brand and potentially attract new investors.

Q: What is the relationship between MELANIA and TRUMP?
A: MELANIA is a separate token from TRUMP, which is another cryptocurrency associated with the Trump brand. The launch of MELANIA has been criticized for cannibalizing the value of TRUMP.

Q: Who is behind the MELANIA meme coin?
A: The exact identity of the individuals behind the MELANIA meme coin is unclear, but it is believed to be a group of entrepreneurs and investors.

Q: What is the current market value of TRUMP and MELANIA?
A: As of the time of writing, TRUMP’s market value is approximately $10.74 billion, while MELANIA’s is around $9.99 billion.