I am absolutely not kidding when I say that the United States is a joke right now because what do you mean Melania Trump just launched her own memecoin?
On what grounds is this relevant?
I mean, a Trump meme I understand given the whole “Crypto president” sentiment and generally the horrors Trump has undergone whilst running for President, but Melania?
Come on, that just makes everyone that doubted that this was all just a cash grab see it for what it really is now; a not very strategic rugpull, almost like those running the show are practically dummies with zero knowledge on best practices running a crypto project, even if it's a shitcoin.
Well, shame on us I guess for thinking highly of politicians right?
Apparently the MELANIA memecoin has an even worse distribution schedule compared to TRUMP and it kinda makes sense.
Trump cannot sell his shitcoin without attracting significant backlash but Melania can with little reaction.
Matter of fact, that has already happened because the tokenomics data is a absolute fraud.
Team is allocated 35%, treasury 20%, community 20%, liquidity 10% and public distribution 15%.
First off, this is a memecoin, no one is expected any real developments around it, so having team, treasury and what the fuck is “community?” is all just fraud because all of that is really just “team allocation” at the end of the day.
Women and dishonesty right? That would be an unfair judgement because it's mostly greedy male politicians including Trump pulling the strings, Melania is just the face of the fraud.
Moving on, according to data from Cryptorank, the circulating supply currently is 150 million, and within 30days, 10% of team allocation will be unlocked instantly, with the remaining 90% unlocked linearly(2.5%) every month until a full unlock is realized.
Fun fact: there's no information on how Treasury, Community and Liquidity funds will be managed or even the unlock schedule. 10% of team token is about 35 million tokens and at the current price of the memecoin, being approximately $10.72, that would be a $375.2 million unlock.
Imagine making almost $400 million in a month without a single valuable product or service to the earth.
What's that saying about reputation and popularity again?
“It is the greatest currency”
So watch these old lads gain more wealth because degenerates want to gamble on a crypto president.
Did I mention that Solana has practically crashed, same with Phantom and Coinbase(reportedly - not really confirmed) and there's barely a million people trading this shit.
I guess we are really not ready for mass adoption, still.
The lawsuits will be CRAZY
I expect a flood of lawsuits at some point. MALENIA is clearly a way for the Trump administration to cash in earlier than the 3 months set for the TRUMP memecoin.
The reason for this is quite simple, they did not expect TRUMP’s token to perform so well. The probably expected similar performance with Trump NFTs in the past.
But unlike NFTs, tokens are far more liquid and more people understand it.
Something I missed to include in my coverage of this wild events yesterday is that Peter Schiff has taken the chance to throw sheds at the crypto ecosystem, particularly Bitcoin, as always.
Honestly, the Bitcoin community deserves it for all the ass licking. Majority of them have been silent throughout this clown show.
Peter posted yesterday:
It took #bitcoin 8 years to reach a $72 billion market cap. $TRUMP did it in two days. $TRUMP is worth 50% more than $NEM, the world's largest #gold mining company. It's up 40K% since Friday. It's clearly a much better store of value than Bitcoin. $TRUMP is the new digital gold.
As if the mockery wasn't obvious, Bitcoiners still took the bait and made ass responses like this:
Bro you’re comparing Trump which is 24 hours old to Bitcoin. Calm down. They’re not the same. And gold still sucks either way.
His response:
Well people compare Bitcoin to gold. Bitcoin has only been around for 16 years, while gold has been used as money for over 5,000. Pretty similar relative longevity.
Saying that gold sucks is borderline stupid, as If its some random vaporware stock and I'm not even siding Peter on anything Crypto or Bitcoin related.
It is beyond comical that Trump would expose himself to this much nonsense and it's really borderline stupid.
You can't tell me he can't raise capital any other way, if that was the goal.
This is all just pointless and only opening up room for various lawsuits, and I can't think of any one other than the legal system making a bank for all the long court hours.
Maybe, just maybe, that's the ultimate goal.
In wake of recent madness, confidence levels in the Trump administration being Bitcoin-friendly is taking a nosedive as Polymarket odds for the Trump administration establishing a Bitcoin reserve in its first 100 days has dropped to 36%.
This is a pretty expected reaction because Trump seems to be an ETH bull based on data from lookonchain showing that he's buying just that.
What a time to be alive.
Posted Using INLEO
