The Trump family is getting ready again! “First Lady’s Coin” MELANIA’s market value exceeded 10 billion in a short period of time, and multiple token details caused market controversy

Author: Nancy, PANews

After Trump personally issued the MEME coin TRUMP, which triggered unprecedented craze inside and outside the circle, his wife Melania also launched her own official token MELANIA. Under the "First Lady" effect and the token TRUMP's short-term sentiment, MELANIA's market value was once pushed to over 13 billion US dollars. The Solana network also experienced congestion and even downtime due to the surge in transaction volume. However, this capital frenzy driven by FOMO sentiment has also caused serious bleeding in the crypto market. Many details of MELANIA’s currency issuance have also caused market controversy.

In the early morning of January 20, Melania Trump stated on social media that people can now buy the MEME coin MELANIA. Subsequently, Trump further confirmed the information by retweeting it, quickly detonating the market.

**TRUMP fell in response, and the encryption market was seriously

sucked.**

Stimulated by the wealth effect brought by Trump's token TRUMP, MELANIA also grabbed a large amount of market liquidity in just a few hours. DEX Screener data shows that MELANIA reached a peak of US$13.09 billion a few hours after it went online, and the cumulative transaction volume exceeded US$1.36 billion.

Under MELANIA's blood-sucking attack, the crypto market generally fell due to the rapid withdrawal of funds, especially the blood loss on the chain. TRUMP was not immune, and once fell below $40.

According to data from SoSoValue, crypto market sectors generally experienced a correction, with the AI ​​Agents sector falling as much as 12.08%, the PayFi sector falling 6.75%, the DeFi sector falling 6.94%, and the MEME sector falling 7.53%.

According to data from Coinglass, in the past 12 hours, the total contract liquidation in the entire crypto market exceeded US$710 million, including US$590 million in long orders and US$120 million in short orders. Among them, the cryptocurrencies with the largest liquidation amounts are Bitcoin, Ethereum, Solana and TRUMP. Among them, GMGN data shows that TRUMP fell as much as 59.6% today.

The coin issuance website was created in a hurry yesterday, and the

MELANIA token was initially locked for only 30 days.

While MELANIA is being hyped by the market, its original intention to create the token, its unlocking mechanism, and the Trump family’s successive token issuances have also triggered a lot of speculation and controversy.

On the one hand, MELANIA's deployment time has been accused of being too hasty. According to Abstract contributor cygaar, MELANIA’s official website and domain name were both created yesterday (January 19), and the front-end code is incomplete. In contrast, preparations for TRUMP’s token deployment began as early as December 2024;

On the other hand, according to the information on MELANIA’s official website, the MELANIA token distribution plan is as follows: 35% is allocated to the team share, 20% to the treasury, 20% to the community, 15% to the public offering, and 10% to liquidity. There is a big difference in the unlocking mechanism between MELANIA and TRUMP. The MELANIA team’s token share has an initial lock-up period of only 30 days, while the TRUMP token team’s share needs to be locked for 3 years. At the same time, on-chain analyst Yu Jin pointed out that the value of the team unlock part in the MELANIA token distribution is suspected to be wrong. According to the official token allocation, the team allocates 35%, but according to the value in the unlocking rules, it is calculated as 30%. And only 35% of the team has written unlocking rules, and the rest have not written, which may mean that MELANIA’s circulation can only be 65%.

Regarding the successive currency issuances of Trump and his family, Zack Guzmán, the founder of crypto media Coinage, published an analysis saying that the Trump family quickly launched TRUMP and ELANIA coins before the inauguration, possibly to avoid the risk of unconstitutionality. According to the Emoluments Clause of the U.S. Constitution, the president may not obtain personal benefits from foreign governments. Trump has previously earned approximately US$7.2 million in income from NFT projects, and his wife Melania also received more than US$330,000 from NFT sales. Issuing tokens before the president officially takes office reduces the risk of being accused of violating the emoluments clause.

Messari founder Ryan Selkis publicly called on Trump on social media for the launch of MELANIA, suggesting that he fire the relevant personnel who recommended the launch of the Melania project today. He pointed out the following problems: the project team lacks professional capabilities; it may cause significant economic losses and Damage to goodwill; Trump’s interests were not fully considered in project decisions.

“MEME coin is a zero-sum lottery. It does not create wealth. Every buy order is simply matched with a sell order. After an initial spike, the price will eventually plummet, and the last buyer Investors will lose their money. If the platform still takes a commission, it is actually a negative sum game. If you want to gamble moderately for fun, that's fine. But most people. You should buy assets that hold value over the long term,” said Balaji, former Coinbase CTO. Srinivasan suggested.

Solana’s network is congested and subjected to huge stress test

Of course, this craze has also brought a huge stress test to the Solana network. The surge in transaction volume has led to abnormal congestion on the chain. Investors have raised gas fees to seize trading opportunities, and even forced mainstream exchanges to suspend Coin withdrawal operation of Solana network.

"All our systems are now under extreme load, and the team is working hard to restore normal services as soon as possible." DEX Jupiter said in a statement. Solana Wallet Phantom also revealed on social platforms that the current number of wallet requests per minute has surged to more than 8 million times. In an effort to stabilize the platform, transactions may not complete successfully on the first try.

Buffalo, co-founder of Jito Labs, also wrote that Jito Labs’ block engine API is experiencing severe service degradation due to unprecedented load levels. While the Solana network continues to operate and process blocks, transactions submitted through the Jito Labs service are affected. The engineering team has been working on fixing the issue for several hours and will provide an update once full service is restored. According to 21.co strategy analyst Tom Wan, the daily tip income of Jito validators reached US$23 million, a record high and higher than when TRUMP was launched.