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What is the MELANIA memecoin
The US first lady, Melania Trump, launched a memecoin to create an engaging digital collectible just before her husband, Donald Trump, took over as the US president. This launch came on the heels of a similar memecoin launch by Trump himself.
Announcing the news, Melania posted on social platform X, “The Official Melania Meme is live! You can buy $MELANIA now.” On Jan. 19, her post was also shared by Donald Trump.
According to melaniameme.com, the official Melania meme website, the memecoin will be created and tracked on the Solana blockchain. MKT World, a Florida-based company founded by Melania Trump in 2021, distributes the token on the Solana blockchain platform.
The websites of both the TRUMP and MELANIA memecoins have disclaimers mentioning the coins are “not intended to be, or the subject of” an investment opportunity or security. The “Terms and Conditions” section of the MELANIA official website states that Melania memecoins are digital collectibles, not investments. The memecoins are a way to show your support for the values these memecoins represent.
This means owning the MELANIA memecoin doesn’t offer you a security or investment opportunity. The official website categorically states that the MELANIA memecoin isn’t affiliated with any political campaign, office or government agency.
Memecoins are a different kind of cryptocurrency, drawing inspiration from internet memes, including fleeting trends, people or animals that capture online attention. Unlike established cryptocurrencies like Bitcoin (BTC), their value depends entirely on social media buzz and community backing. Memecoins tend to be much more volatile than the usual cryptocurrencies, meaning their value can fluctuate wildly and unpredictably.
On Jan. 20, the market cap of MELANIA was $2.13 billion, while TRUMP stood at 10.9 billion, according to CoinMarketCap. On this date, at the given time, TRUMP was trading at $54.87, down 17.2% compared to the previous day. This was the aftereffect of the launch of MELANIA. DEXScreener data suggested that over 45,450 crypto wallets bought the token on Jan. 20.
Did you know? On Jan. 20, Dogecoin (DOGE) led memecoins with $55.5 billion in market cap. In the second position was Shiba Inu (SHIB), with a market cap of $12.4 billion.
Tokenomics and vesting details
Token allocation of MELANIA is designed to draw attention and drive community engagement. The vesting schedule of MELANIA incorporates an initial lock period and then gradual unlocking of the memecoins held by the team.
Here are the details regarding the distribution of MELANIA memecoin:
Other information regarding the MELANIA token is as follows:
- Blockchain: Solana
- Total supply: 1 billion tokens
- Contract address: FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P
Here is the vesting schedule of the MELANIA memecoin:
This vesting schedule ensures a gradual release of tokens to the team, promoting long-term commitment to the project.
Did you know? Memecoins generally carry high risk and volatility. Often over-hyped by the community, they have no utility other than being a token.
How to buy MELANIA?
Broadly, there are three ways you could buy MELANIA: centralized exchanges like Kraken, on the official website of Melania meme and decentralized exchanges (DEXs) like Uniswap.
To buy MELANIA on Kraken, you need to deposit (purchase) these tokens into Kraken-supported networks via the “Funding section” to avoid losses from unsupported networks.
Alternatively, you must first purchase a crypto that you can swap with MELANIA. What you can do is visit melaniameme.com or Uniswap and find the cryptocurrencies that are paired with MELANIA.
Buy the chosen cryptocurrency, connect your wallet to the platform, and swap it with MELANIA. You can then transfer MELANIA to any Solana-based wallet.
Here is detailed information regarding how you can make the purchase. This example uses melaniameme.com for illustration purposes.
Step 1: Visit the official Melania meme website and go to “How to Buy” section.
Step 2: You will see two buttons: “Buy with Card” and “Buy with Crypto.” Tap “Buy with Card” to buy a cryptocurrency you could swap with MELANIA.
Step 3: On the fiat-to-crypto on-ramp, select the fiat currency and cryptocurrency of your choice (SOL, in this case), and complete the buying process.
You now need to swap this cryptocurrency for MELANIA.
Step 4: Tap the button “Button with Crypto.” On the Swap tab, tap “Connect your wallet” to connect the platform to your crypto wallet.
Select the cryptocurrency you are selling, SOL, and MELANIA as the cryptocurrency to buy.
The memecoin has partnered with Jupiter to facilitate both fiat and crypto transactions.
You could also buy MELANIA on a decentralized exchange supporting pairs of MELANIA with other cryptocurrencies.
Did you know? The widespread promotion of Floki Inu through advertisements in London during late 2021 triggered investigations into the marketing practices surrounding this memecoin.
Criticism of MELANIA memecoin
While the MELANIA memecoin made the memecoin world take off, criticism did come from some quarters that a less organized team seemed to be backing MELANIA compared to the one behind the TRUMP token.
A critic said that the Melania memecoin’s creator wallet is funded by a wallet with a history of trading on Pump.fun, a Solana launchpad known for memecoins, raising concerns about the potential for volatility or manipulation.
As pointed out by an anonymous crypto developer, cygaar, Melania memecoin’s website itself was launched on Jan. 18, just a day before the announcement was made regarding MELANIA. The website isn’t protected by the cybersecurity service Cloudflare.
Further criticism emerged from a Trump supporter on X, calling for Trump to sack the team behind the Melania launch, alleging they didn’t know what they were doing.
Adding to skepticism, blockchain analytics platform Bubblemaps revealed on Jan. 19 that nearly 90% of MELANIA’s supply is held in a single wallet, contradicting the stated token distribution.
Notably, records from the Florida Department of State also show that MKT World, established by Melania Trump in 2021 and sharing an address with the Trump International Golf Club, holds the website’s intellectual property rights.
The future of MELANIA memecoin appears uncertain, with critics questioning its transparency, token distribution and cybersecurity measures.
So, what should you do if you’re considering MELANIA and similar memecoins?
Given the speculative nature of memecoins and the controversies surrounding MELANIA’s launch, it’s crucial to carefully assess the risks, ask the right questions and stay informed. Always exercise caution and conduct thorough due diligence before engaging with MELANIA or similar projects.
This article first appeared at Cointelegraph.com News
