The new first lady of the United States, Melanie Trumpfollowed Donald Trump’s lead by launching a multibillion-dollar cryptocurrency coin — briefly dropping the price of her husband’s coin in the process.
The price of the new president’s token, $Trump, had price more than tripled at more than $70 (£57), giving it a total value of more than $14 billion shortly after its launch on Friday. However, the launch of his wife’s coin, $Melania, reduced these gains.
Trump, who will be inaugurated Mondayposted on social media during the launch of its token: “It’s time to celebrate everything we stand for: WIN! Join my very special Trump community. GET YOUR $TRUMP NOW. According to the parts themselves websitea Trump-owned company, CIC Digital LLC, will own 80% of the coin supply.
The token quickly entered the top 20 of all cryptocurrencies. According to blockchain analysts, the digital rush was such that it was sucking liquidity from the rest of the market. causing other parts to lose valueas traders sold their existing holdings to buy Trump’s.
Melania’s launch appears to have had a similarly unintended effect on the market, as some traders sold the Trump meme coin for a new target. “The official Melania meme is live! You can buy $MELANIA now,” she posted on X, which was reposted by Trump.
Shortly after the launch of $Melania, the price of $Trump fell more than 50%, from $75 to $30, before steadily climbing back up in the following hours to around $64. $Melania’s market capitalization has reached $13 billion.
“It’s beyond crazy,” say analysts from The Kobeissi Letter job on In the minutes following the launch of Melania Trump’s token, we saw massive sell orders in $trump.
Separately, Bitcoin – the world’s most famous digital currency – has reached a new record highup 4% to $108,943 Monday morning. The currency has made significant gains since Trump’s election victory in November.
A coin is a type of cryptocurrency inspired by trends such as Internet memes with no inherent utility and is often susceptible to price fluctuations and crashes. A coin thrown by “Hawk Girl Tuah” Haliey Welch fell by 95% shortly after its release last month, going from a market cap of $500 million to $25 million.
The parts themselves were describe by traders as a “pure form of gambling” and is akin to “buying a lottery ticket”.
Some crypto enthusiasts welcomed the release of the Trump meme coin, saying it was symbolic of the new president’s support for an industry that felt unfairly targeted by the Biden administration. Trump has promised to usher in crypto-friendly regulations and chose his supporters for key government positions.
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But it also fueled fears of conflicts of interest and criticism of an attempt to profit personally from his political office.
Asset released lots of crypto trading cards during his presidential campaign, generating more than $4 million for each outing. His sons Eric Trump and Donald Trump Jr also launched a cryptocurrency business, World Liberty Financial, in 2024, causing concern of a clear conflict of interest.
The Trump coin website included a disclaimer stating: “Trump memes are intended to function as an expression of support for and commitment to the ideals and beliefs embodied in the ‘$Trump’ symbol and associated artwork , and are not intended to be, or be the subject of, an investment opportunity, investment contract or security of any nature whatsoever.
“GetTrumpMemes.com is not political and has nothing to do with any political campaign, political office, or government agency.”
Melania’s Meme Coin website has a similar disclaimer.