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Incoming first lady Melania Trump launched her own crypto token on Sunday after President-elect Trump announced his own crypto token, called the $TRUMP coin, days before he returned to the Oval Office.
Melania Trump launched her cryptocurrency token, $MELANIA, on social media as the incoming president held a victory rally at the Capital One Arena in Washington, DC, on Sunday afternoon.
“The Official Melania Meme is live!” sent to X. “You can buy $MELANIA now.”
The token entered the market for just pennies, and by Sunday evening, it was trading above $10.
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The website associated with $MELANIA indicates that 15% of the tokens will be available for public distribution.
But according to the Wall Street Journal, the $ MELANIA token caused the $ TRUMP coin to crash more than 45% before regaining its value.
Trump announced the launch of $TRUMP on Friday, and in less than 24 hours, the crypto went from a few cents to $33.87, representing an impressive price gain of more than 18,000%. Like many cryptocurrencies, the token shows volatility, although on Sunday evening it was trading around $48, after rising around $76 earlier in the day.
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President-elect Trump and incoming first lady Melania Trump have both launched crypto tokens. (GIORGIO VIERA / AFP) (Photo by GIORGIO VIERA/AFP via Getty Images / Getty Images)
Trump announced the unveiling of the coin on Truth Social and X at 9:45 pm, while industry officials celebrated his return to office at the first Crypto Ball event in Washington, DC.
FOX Business reached out to Trump’s transition team for comment, but did not receive a response.
Trump promises to be the most crypto-friendly president in history and has vowed to reverse the Biden administration’s crackdown on the sector, which has led many US companies to move jobs overseas.
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President-elect Trump has vowed to be a crypto-friendly president. (Brett Carlsen/Bloomberg via Getty Images/Getty Images)
When news of Trump’s cryptocurrency broke on Friday, many who attended the Crypto Ball were skeptical, thinking the president-elect’s accounts had been hacked. Donald Trump, Jr., who may have known about the announcement, was locked in a special VIP section. It is not clear whether he has spoken to anyone there about the token launch.
Both coins, which go by the trading tickers TRUMP and MELANIA, are known as “meme coins,” a highly speculative form of cryptocurrency that has no real function and is often created based on a joke or parody, such as $PEPE, the -cryptocurrency meme. an image of a cartoon frog with a market value of over $7 billion.
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Advanced investors tend to be wary of meme coins, not just because of their wild price swings, but their tendency to be associated with scammers looking to make a quick buck from happy investors.
Last month, social media influencer Haliey Welch, better known as “Hawk Tuah Girl,” was sued by investors when the price of her meme coin, $HAWK, crashed within hours of its launch, causing huge losses for investors.
FOX Business’ Eleanor Terrett contributed to this report.
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