MELANIA Meme Coin Surges Over 50% as Bitget Joins the Hype

The recent launch of MELANIA, a meme coin inspired by Melania Trump, has caught significant attention in the cryptocurrency market. Just a few hours after its debut, the coin surged by over 50%, quickly making a splash with an impressive market capitalization exceeding $1.5 billion and trading volume surpassing $4.6 billion according to data from CoinGecko. This unexpected rise in value is a clear indication of strong demand and market enthusiasm.

In response to the growing popularity of the coin, the Bitget exchange is set to launch USDT Tether-based perpetual contracts for MELANIA on January 20, 2024. This move will allow traders to use up to 20x leverage to trade MELANIA contracts, providing greater opportunities for speculation and price fluctuations. Along with this, MELANIAUSDT trading will be available for trading bots as part of the exchange’s support for automated trading strategies. Bitget has set a minimum price range for the coin at 0.001, but has warned that it may adjust the parameters based on market conditions and volatility.

At the time of writing, MELANIA was priced at $11.41 per token. Despite its relatively fresh launch, the coin has already made a major impact in the meme coin ecosystem. For comparison, TRUMP, another meme coin inspired by Donald Trump, was launched the day before MELANIA, yet MELANIA’s performance has outpaced it in the early hours, creating a direct rivalry between the two.

TRUMP, which had initially seen strong support, witnessed a significant decline of around 55% in its market capitalization shortly after MELANIA’s launch. Despite this dip, TRUMP still maintains a commanding position in the meme coin market, holding a market cap of over $11.7 billion. At the time of writing, the TRUMP token’s value has dropped slightly, standing at $59.32—a decrease of about 5% in the last hour. The fluctuation in its value following MELANIA’s release is a testament to the volatility and competitiveness of the meme coin space.

The launch of MELANIA has brought massive selling pressure on TRUMP, with sell orders outweighing buy orders by more than $100 million within just an hour of MELANIA’s market debut. This indicates that many investors are flocking to the new meme coin, pushing the price higher, while TRUMP holders are looking to offload their positions due to the increased competition from MELANIA.

In terms of the blockchain network, MELANIA operates on the Solana blockchain, which is known for its high-speed transactions and low fees, making it an attractive option for meme coin traders. The token can be bought using traditional payment cards or cryptocurrency, further increasing its accessibility to a broader audience.

Despite the early success of MELANIA, TRUMP is still a formidable player in the meme coin space. The coin’s strong market cap of over $11.7 billion proves that it has established a loyal following, and its recent listing on the HashKey Global exchange only bolsters its credibility. Additionally, the TRUMP token had its own launch hype and support from its community, which has kept it relevant despite MELANIA’s sudden rise.

MELANIA’s success and its challenge to TRUMP mark an interesting development in the meme coin ecosystem, where memes and celebrity-driven tokens are becoming a more prominent part of the cryptocurrency space. The competition between MELANIA and TRUMP is likely to intensify in the coming days, with both tokens vying for dominance in the market. Traders and investors are closely watching the developments, as the volatile nature of meme coins means that prices could fluctuate dramatically based on market sentiment, social media hype, and the ongoing competition between these two tokens.

In conclusion, while MELANIA has taken the crypto world by storm with its remarkable debut, TRUMP is not backing down easily. The rivalry between these two meme coins could shape the future of meme-driven cryptocurrencies, and the outcome will likely depend on factors such as market adoption, celebrity influence, and trading volume in the coming weeks. Crypto enthusiasts will certainly be keeping an eye on these two tokens as they continue to evolve in the highly volatile meme coin market.