Melania Trump launched her own meme token, following the footsteps of Donald Trump. Experts raised legal concerns about this development.
On 20 Jan 2024, President-elected Trump’s wife, Melania Trump, announced the launch of the official meme token on her own name, called $Melania token.
Following the launch, the trade price of this token surged rapidly. The current trade price of this token is $12.96 & this price level is $24,000% higher than the launch time of this token.
As per available information about this meme token, the token’s distribution model allocates 35% to team vesting with a 13-month release schedule (vesting period).
Following the launch of the $Melania token, the trade price of the $Trump meme token faced a significant struggle. Trump’s token crashed from the $75 price level to $40.
On the meme token’s official website, it is clearly mentioned that the token’s vision is only entertainment, so people should not consider it a financial instrument or investment asset.
The majority of the Solana-based Defi crypto platforms stated that they’re facing very high traffic. In particular, Phantom Wallet stated that they’re getting 8,000,000+ requests per minute.
All these developments come just days before Trump is expected to assume the US presidency following his inauguration on January 20. The president-elect has promised to push the Bitcoin market adoption under friendly rules and laws and also promised to establish a Bitcoin reserve and foster a favourable regulatory environment for the asset class this year.
Some crypto X users raised questions over the legality behind these developments. They questioned how a government official could launch a token in a jurisdiction where Cryptocurrencies are not classified in any particular financial asset class. If no one’s gonna take action against them, then it’s a pure misuse of presidential immunity.
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