On the eve of her husband’s inauguration as the United States president, Melania Trump, the incoming first lady, has initiated a cryptocurrency.
The announcement follows the debut of the $Trump cryptocurrency by President-elect Donald Trump. The value of both coins has increased, but the trading environment has been unpredictable.
“The official Melania meme is now available!” On Sunday, she posted on the social media platform X, “You can purchase $Melania at this time.”
The websites of the $Trump and $Melania coins contained disclaimers stating they were “not intended to be, or the subject of” an investment opportunity or security.
According to the CoinMarketCap website, Trump’s total market valuation is approximately $12 billion (£9.8 billion), while Melania Trump’s is approximately $1.7 billion.
Trump had previously referred to cryptocurrency as a “scam,” but he became the first presidential candidate to receive digital assets as donations during the 2024 election campaign.
During the campaign, his family established a cryptocurrency company, World Liberty Financial. The company’s objective is to “lead a financial revolution by dismantling the stranglehold of traditional financial institutions” and is also marketing a cryptocurrency coin.
CIC Digital LLC, an affiliate of the Trump Organization, introduced the new Trump coin. This company is associated with the previous sales of crypto collectable NFTs launched in 2022. These coins generated millions of dollars in revenue for their owners, but their value has since plummeted significantly.
NFTs were previously valued at over $1,000 but have since declined to approximately $300, as per CoinGecko.
During the campaign, Trump said he would establish a strategic Bitcoin stockpile and appoint financial regulators who advocate for digital assets.
This heightened anticipation that he would reduce regulations on the cryptocurrency sector.
Bitcoin reached a record high of approximately $109,000 after Trump’s victory, as the crypto trading platform Coinbase reported.
On Friday, David Sacks, the upcoming artificial intelligence (AI) and crypto governor, hosted a “Crypto Ball” in Washington, DC.
Other cryptocurrencies, such as Dogecoin, advocated for by prominent Trump supporter Elon Musk, have also experienced substantial rises this year.
While President Joe Biden was in office, regulators engaged in a crackdown on cryptocurrency companies by filing lawsuits against exchanges, citing concerns regarding money laundering and fraud.
The growth of Dogecoin has significantly heightened interest in “meme coins,” cryptocurrencies typically associated with a viral internet trend or moment.
Since 2021, Melania Trump has utilized her incorporated company, MKT World LLC, for various ventures, including selling portraits of herself as the first lady. This served as the foundation for her Meme coin.
Thousands of meme coins exist, and they can be created and launched by anyone.
Melania’s coin is worth more than Worldcoin, which AI entrepreneur Sam Altman owns. Due to its social media presence and profile, Trump’s coin has already entered the top 100 coins in value.
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