The cryptocurrency landscape saw an unexpected shift Monday as the MELANIA memecoin, associated with First Lady Melania Trump, demonstrated significant trading gains, surpassing the performance of some leading digital assets. This uptick was largely driven by anticipation surrounding a documentary about the First Lady, set for release later this month.
Operating on the Solana blockchain, MELANIA recorded an approximate 5% price increase over a 24-hour period, coinciding with a 23% rise in its trading volume to nearly $23.85 million. This performance outpaced notable cryptocurrencies including Bitcoin (BTC), Dogecoin (DOGE), and even the Official Trump token (TRUMP), which is linked to former President Donald Trump.
| Cryptocurrency | 24-Hour Change | Year-to-Date Change |
|---|---|---|
| Official Melania | +4.94% | +45.48% |
| Bitcoin | +0.94% | -1.04% |
| Dogecoin | +0.50% | +4.60% |
| Official Trump | -0.73% | -0.20% |
In addition to price and volume increases, derivatives markets showed heightened interest. According to Coinglass data, open interest for MELANIA-related derivatives grew by 17% within the same 24-hour window.
The recent activity coincides with the upcoming launch of a documentary titled "Melania," produced by Amazon MGM Studios. Scheduled for January 30, this feature aims to spotlight the First Lady’s life and was notably endorsed by Donald Trump himself. On the social media platform X, Trump recommended the documentary as a "Must Watch," a comment that appears to have energized interest in the MELANIA token.
Despite its recent resurgence, MELANIA's market journey has been volatile. Both MELANIA and TRUMP tokens were introduced shortly before Donald Trump's presidential inauguration last year, marking a contentious entry into the crypto market. MELANIA reached its all-time peak valuation soon after launch, at approximately $13.73 per token, amassing a market capitalization of $1.73 billion. Since then, the token's value has plummeted by nearly 99%, with the market capitalization reduced to around $164 million. Likewise, the Official Trump token has witnessed a 93% drop from its highest recorded level.
Concerns over the Trump family's involvement in these digital assets extend beyond price volatility. Earlier in the month, TD Cowen, a major investment banking firm, issued a cautionary note that the family’s cryptocurrency-related ventures could potentially impede legislative efforts toward establishing a clear regulatory framework for the digital currency market.
At the moment of reporting, MELANIA was trading at approximately $0.1680 per token, reflecting a 4.94% increase over the preceding day, as per information from Benzinga Pro.
Alongside MELANIA's notable movement, other cryptocurrencies showed modest shifts. Bitcoin held steady with a slight gain of 0.19% at around $41,900, while Dogecoin edged up 0.20% to approximately $0.1225. The Official Trump token, conversely, exhibited a minor decline of 0.42%, trading near $4.79. Zcash, another digital currency, recorded a 0.66% rise to about $369.64.
The interplay between crypto market dynamics and media events, such as the release of high-profile documentaries, underscores the complex factors influencing investor sentiment and speculative trading in digital assets. While MELANIA’s token has endured dramatic devaluation since its launch, recent developments highlight its potential for renewed attention and trading activity tied to external promotional catalysts.