The cryptocurrency market witnessed significant turmoil over the weekend as Melania Trump launched a rival memecoin, causing the value of Donald Trump’s recently introduced cryptocurrency to plummet.

The unexpected move by the incoming First Lady came just hours after the debut of Donald Trump’s memecoin, TRUMP, which had initially surged to a $14 billion market capitalization.

On Saturday, Melania Trump announced her token, MELANIA, in a post on X, saying, “The official Melania meme is live. You can buy $melania now.”

The token, launched on the Solana blockchain like Donald Trump’s coin, rapidly gained traction among traders, hitting a fully diluted market cap of over $6 billion within hours.

The surge in demand for MELANIA led to a significant sell-off in TRUMP, which saw its price drop 38% in just 40 minutes, wiping $5 billion off its market cap.

Data from blockchain analytics platforms showed that over 45,000 users purchased MELANIA shortly after its launch, driving the token’s price above $5. Meanwhile, TRUMP fell from $74.6 to $45.9 during the same period. Analysts at The Kobeissi Letter described the market activity as “beyond insane,” highlighting the sharp fluctuations in the value of both tokens. Social media influencer Mario Nawfal commented that “crypto is becoming a family business.”

The launch of MELANIA also raised questions about the transparency of its token distribution. A website for the token claimed that 35% of the supply was allocated to the development team, with 20% each for treasury and community, 15% for public offering, and 10% for liquidity.

However, blockchain analytics platform Bubblemaps revealed that nearly 90% of the token supply is held in a single wallet, contradicting the distribution claims.

The events over the weekend came amid reports that Donald Trump is preparing a series of crypto-focused executive orders.

Trump’s memecoin had initially been hailed as a significant step in promoting blockchain adoption, but the sudden launch of Melania Trump’s competing token has created a turbulent start to the venture.

While both tokens rely on community interest and engagement for their value, the rivalry between the two has sparked significant volatility in the cryptocurrency market.