Donald Trump and his workforce have been accused of working a “pump and dump scheme” after back-to-back memecoin launches added billions of {dollars} to the web worths of the incoming US president and first girl.
Only a day after Trump’s self-branded Official Trump (TRUMP) token launched and soared to a $15 billion market cap, Trump’s spouse Melania launched a self-titled memecoin of her personal — which led commentators to accuse the household of unseemly habits.
“You have been proper for those who thought the smashing success of $TRUMP would make Trump grasping,” Bianco Analysis president Jim Bianco said on Jan. 19, following the launch of Mrs. Trump’s token.
“He tried to double down with a $MELANIA, however the market thinks it’s a type of dilution and assumes/fears that Trump has tons of different cash within the wings to come back.”
The TRUMP token fell 38% within the hours after his spouse’s token launched. MELANIA hit a peak worth of over $13 billion 4 hours after its Jan. 19 launch, which has since practically halved to $7.3 billion.
“We’re witnessing the biggest unforced error ever made earlier than a Presidential inauguration…unbelievable,” Phinance Applied sciences founder Edward Dowd said on X in response to TRUMP’s worth fall.
We’re witnessing the biggest unforced error ever made earlier than a Presidential inauguration…unbelievable. https://t.co/hdj0hkoubv
— Edward Dowd (@DowdEdward) January 19, 2025
Monetary analyst Michael A. Gayed said on X that Trump’s credibility has been “completely destroyed,” describing TRUMP as a “pump and dump” scheme.
”My learn is that the insiders who helped launch $TRUMP didn’t understand how a lot it could pump and both didn’t purchase sufficient or offered too early,” Delphi Labs co-founder José Maria Macedo wrote in a Jan. 19 X put up.
“They rushed to run it again with $MELANIA and ensure they crammed their baggage this time,” he added. “Of their greed they nuked $30 [billion] of worth, reworked the optics into pure grift, and possibly dedicated a bunch of crimes too.”
The MELANIA memecoin launch comes amid a wider crypto market fall, which noticed Bitcoin’s worth (BTC) tumble virtually 6% from $105,900 to beneath $99,650, TradingView knowledge shows.
Change in worth of crypto tokens during the last 24 hours. Supply: Crypto Bubbles
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Ryan Selkis, a Trump backer and the previous CEO of crypto analysis agency Messari, recommended the president-elect “fireplace” whoever launched the MELANIA memecoin, claiming they “don’t know what they’re doing” and don’t have Trump’s greatest pursuits in thoughts.
Regardless of the criticisms, MELANIA and TRUMP have attracted trader attention like few tokens ever have, with the pair now having a complete mixed market cap of over $16 billion.
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