Recently founded Donald Trump its own cryptocurrency, $TRUMP, shortly before the US President’s inauguration on January 20.
Soon after, Donald’s wife was launched Melania Trump $MELANIA, which caused Trump coin to plummet in price.
What is a memecoin?
Both currencies are so-called “memecoins”.
Memecoins are a type of cryptocurrency that is usually created as a joke or based on a meme or popular culture.
Established cryptocurrencies such as Bitcoin or Ethereum have clear technical goals or functions. Memecoins, on the other hand, have no technical use and instead rely entirely on social engagement and hype to increase in value.
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What is Trump coin?
That’s exactly what happened when Trump launched his $TRUMP cryptocurrency and marketed it on X on January 18th.
The price of a Trump coin quickly shot up to around 70 dollars and thus became one of the twenty highest valued cryptocurrencies in the world.
What is Melania coin?
But when Melania Trump launched her own memecoin around midnight on January 19 Swedish time, the price of $TRUMP temporarily crashed.
Instead, $MELANIA shot up in price.
Trump coin and Melania coin price – how much do they cost?
At the time of writing, a Melania coin costs about ten dollars and a Trump coin about $55. But it may soon look completely different as prices are very volatile.
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Is Trump coin and Melania coin a good investment?
Memecoins, whether created by the President of the United States, his wife, or anyone else, are very risky investments.
Since those previously mentioned have no technical use, the price is entirely based on hype, and can swing well in either direction.
If you want to invest, you should only go in with money that you can afford to lose – the risk of it disappearing forever is very high.
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What is a rug pull?
One of the reasons is a phenomenon called “rug pull”, where the creator of a cryptocurrency suddenly abandons the project and takes investors’ money with it.
First, they create hype around the currency to get people to buy. Shortly thereafter, when the value is high enough, they sell all their holdings. This causes the currency to lose its value, leaving investors with worthless assets.
We don’t know if this will happen with Trump coin or Melania coin, but the risk is there.
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How to buy Trump coin and Melania coin?
There are several trading places where you can buy and sell cryptocurrencies. Among the most popular are:
There are also several Swedish crypto trading sites, for example:
To trade cryptocurrencies on the trading platforms, you must first create an account and deposit funds.