Washington, DC, Jan 20: Melania Trump, the wife of US President-elect Donald Trump, has launched her own cryptocurrency ahead of her husband's inauguration, CNN reported.
In a social media post on Sunday, she introduced the $MELANIA coin, which caused a significant drop in the value of her husband's newly launched $TRUMP coin, which had debuted just two days earlier. On X, Melania wrote, "The Official Melania Meme is live! You can buy $MELANIA now. https://melaniameme.com."
Meme coins, a form of cryptocurrency inspired by popular internet trends, are known for their extreme volatility and lack of intrinsic value. Despite this, their prices can fluctuate significantly.
Donald Trump had previously launched his own meme coin on Friday, posting on X, "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to [link]." Both cryptocurrencies are based on the Solana blockchain.
Both $MELANIA and $TRUMP coins come with disclaimers stating that they are intended to support their respective brands and foster engagement, not to be viewed as investment opportunities. The $TRUMP coin website clarifies that it is "not politically affiliated" but also notes that 80% of the coin's supply is held by Trump Organization-affiliated CIC Digital and Fight Fight Fight LLC. These entities are subject to a three-year unlocking period, meaning they cannot sell their holdings immediately. The $TRUMP website promotes the coin as "the only official Trump meme" and encourages fans to "get your piece of history" in celebration of a leader who "doesn't back down."
