Ryan Selkis Calls for Dismissal of MELANIA Coin Team After Market Shakeup

The markets have been thrown into turmoil following the launch of the MELANIA memecoin, leading to significant financial repercussions for another Trump-related token, Official Trump (TRUMP) on the Solana network. This incident has sparked a wave of criticism, notably from Ryan Selkis, the founder of Messari, who has publicly demanded that Donald Trump, soon to be inaugurated as President, should sever ties with the architects of the MELANIA project.

Selkis has voiced his discontent over the execution and timing of the MELANIA coin's introduction, arguing that it not only cannibalized the value of the TRUMP token but also potentially undermined Trump's financial interests and public image. After its debut, the market witnessed a dramatic decline in the TRUMP token's value by nearly 50%, erasing billions from its market cap. Initially celebrated for reaching a peak market value of $15 billion and outshining other notable meme coins, the TRUMP token plummeted from $75 to around $38, following the launch of MELANIA, and has yet to recover anywhere near to its previous highs.

The Unexpected Impact on Market Dynamics

The MELANIA coin itself achieved a notable valuation, soaring to a fully diluted market cap of $9.99 billion, positioning itself among other top cryptos. This new coin's introduction, however, was not without controversy. Selkis criticized the move as poorly timed, suggesting that it was opportunistic and lacked strategic foresight, thereby damaging the initial goodwill garnered by Trump post-election. Although Selkis did not directly blame Trump for the fiasco, he implied that the President-elect's advisory team lacked the necessary expertise in cryptocurrency, offering his own services to prevent such missteps in the future.

Unfortunately it seems after stopping the TRUMP token‘s meteoric rise in its tracks, now the MELANIA token too has fallen by 58%, currently trading at $3.50. This huge downfall lends credence to Selkis’ criticism, where Trump‘s team fumbled the launch of the TRUMP memecoin by also launching the MELANIA coin back to back.

The critique from the crypto community didn't stop with Selkis. Another crypto influencer David Shares raised concerns about the motives behind the launch, saying that it was just plain greed driving the decision.

Adding to the skepticism, data from the trading platform GMNG showed that one of the top profitable addresses involved in the MELANIA launch made a significant profit by spending $800,000 on tokens and selling them shortly after for $38.6 million. This rapid profit-taking has raised eyebrows about the integrity of the project and even hinted at potential insider trading practices, further clouding the coin's launch with controversy.