Former US First Lady Melania Trump has introduced her own cryptocurrency, $MELANIA, just days after her husband Donald Trump launched his $TRUMP meme coin, CNN reported.
In a social media announcement on Sunday, Melania unveiled her digital currency, writing, “The Official Melania Meme is live! You can buy $MELANIA now. https://melaniameme.com.” The launch coincided with a dip in the value of Donald Trump’s cryptocurrency, which had been trading strongly since its debut two days earlier.
Meme coins, known for their volatility and lack of intrinsic value, are cryptocurrencies inspired by internet culture. While their prices can fluctuate dramatically, they often gain traction through community engagement and popularity.
Donald Trump, who previously criticized Bitcoin as being “based on thin air,” had embraced meme coins with the release of $TRUMP. In his launch post on Friday, Trump declared, “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 http://gettrumpmemes.com — Have Fun!”
Both $TRUMP and $MELANIA are trading on the Solana blockchain. $TRUMP initially saw a surge in value, reaching over USD 70 by Sunday afternoon before falling to USD 40 following Melania’s launch. As of early Monday, $TRUMP had recovered to around USD 60, while $MELANIA was trading at just over USD 12, according to CoinGecko.
The Trump coin has gained significant traction in the cryptocurrency market. With a circulating supply of 200 million coins, its market capitalization is currently capped at USD 13 billion, according to CoinMarketCap. Over the next three years, the total supply of $TRUMP is expected to reach 1 billion coins.
Both cryptocurrencies’ websites emphasize that the coins are meant to represent and engage with their respective brands’ values rather than serve as traditional investment opportunities. They also disclaim any political affiliation. However, 80% of the $TRUMP coin supply is held by Trump Organization-affiliated entities, CIC Digital and Fight Fight Fight LLC, which are bound by a three-year unlocking schedule, restricting them from selling their holdings all at once.
The $TRUMP website promotes the coin as “the only official Trump meme,” branding it as a celebration of a leader who “doesn’t back down, no matter the odds.” Meanwhile, Melania Trump’s foray into cryptocurrency adds a competitive edge to the meme coin market as both coins vie for attention and engagement.
Donald Trump’s embrace of cryptocurrency marks a significant shift in his stance. In July 2024, he addressed crypto’s largest convention and appointed Howard Lutnick, a cryptocurrency advocate and supporter of Tether, to lead the US Commerce Department. This move signaled the former president’s growing support for the digital asset sector.
(Inputs from ANI)