The past week saw unprecedented events occurring in crypto with the potential to disrupt the entire industry and set some new benchmarks. Donald Trump, the president-elect of the United States, chose to launch an official memecoin under his name, just days ahead of his swearing in, and referred to himself as the “crypto president”.
The “Official Trump” memecoin literally conjured billions of dollars out of thin air in just 24 hours as the world raced to purchase the coin at a nominal price and then sell it at higher rates. Within 24 hours, the token reached an astonishing $12 billion market cap.
Later, taking a cue, his wife Melania Trump also launched her memecoin “$Melania Coin”, setting the market on fire with crypto investors going haywire.
The timing couldn’t have been more strategic.
For those unfamiliar with the concept, memecoins emerged from the intersection of internet culture and cryptocurrency, often starting as playful ventures before potentially evolving into serious financial assets.
For those wishing to dive deep into the world of memecoins and willing to try their fate with $Melania, we have an explainer article with A-Z of the crypto memecoin and how to buy it.
All About $Melania: Technical Foundation and Tokenomics
Built on Solana’s blockchain infrastructure, $MELANIA benefits from the platform’s renowned speed and cost-effectiveness. This technical choice has proven crucial in facilitating the token’s rapid adoption and trading velocity.
The token’s distribution structure reflects a balanced approach to various stakeholders: 35% allocated to the project team, with treasury and community each receiving 20%, while 15% goes to the public, and 10% is reserved for liquidity purposes.
How did the market respond to the $MELANIA Token?
The market response to $MELANIA has been nothing short of extraordinary. In its first two hours of trading, the token achieved a remarkable $6.14 billion market capitalization, sending shockwaves through the cryptocurrency community.
This explosive growth didn’t occur in isolation – it triggered a fascinating domino effect in the broader memecoin market, notably causing a 48% decline in the recently launched $TRUMP token.
As of now, $MELANIA has settled into a more stable position, ranking as the 94th most valuable cryptocurrency globally. The current trading metrics paint an interesting picture: the token trades at $11.04, maintaining a market capitalization of $1.79 billion, with an impressive 24-hour trading volume showing a 226.49% increase.
The token’s supply metrics are equally noteworthy, with a circulating supply of 162.21 million tokens against a maximum cap of 999.99 million.
How to Buy $MELANIA Memecoin on Bitunix: A Step-by-Step Guide
You can buy and sell Melania memecoins on Bitunix. To get started, create your account on Bitunix and complete your KYC verification. Once completed, you can deposit USDT in your account and buy $MELANIA tokens from Bitunix’s spot market.
To fund your Bitunix account head to the main menu and click on the wallet icon. Next, click on deposit, choose the crypto you want to deposit and the chain you want to use.
Please double check the crypto and the chain before making a transfer.
Now, copy the deposit address and simply deposit your USDT to the address. Once deposited, it will appear in your spot wallet.
Next, to buy $MELANIA head over to the spot tab and choose MELANIA/USDT You can choose to place a limit order or a market order.
Don’t have USDT in your wallet? No problem, Bitunix also offers third party on ramp crypto providers like AlchemyPay, MoonPay and Volet. You can buy USDT directly from any of these providers. Additionally, you can also sell buy and sell USDT on Bitunix’s P2P trading portal.
Conclusion: The Broader Implications
The emergence of politically-affiliated memecoins like $MELANIA and $TRUMP represents a fascinating evolution in both cryptocurrency and political fundraising.
While Dogecoin pioneered the memecoin concept, these new tokens are charting unprecedented territory by directly connecting political figures with digital finance.
