CNN
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The incoming first couple tossed a pair of meme coins in the run-up to President-elect Donald Trump’s inauguration.
Melania Trump launched her cryptocurrency $MELANIA in a social media post on Sunday, bringing down her husband’s cryptocurrency $TRUMP, announced two days earlier.
“The official Melania meme is live! You can buy $MELANIA now. https://melaniameme.com,” the future first lady wrote on Sunday X.”
Meme coins are a type of highly volatile cryptocurrency inspired by popular internet or cultural trends. They have no intrinsic value, but their price can skyrocket or fall.
“My NEW official Trump meme is HERE!” ” Trump wrote on Friday X. “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 coins trade on the Solana blockchain. Trump’s coin skyrocketed over the weekend and was trading above $70 as of Sunday afternoon, according to CoinGecko.
However, the president-elect’s coin dropped to $40 after Melania revealed her own coin. It has since recouped some of those losses and was trading around $60 early Monday. $MELANIA was trading at just over $12 early Monday, according to CoinGecko.
$TRUMP is the first cryptocurrency endorsed by the new president, who once called bitcoin “air-based.”
In July 2024, Trump addressed the largest crypto convention and has since named Howard Lutnick, who backs cryptocurrency company Tether, to head the U.S. Department of Commerce. Lutnick is among other crypto enthusiasts named in the upcoming Trump administration.
The market capitalization of the Trump coin, based on the 200 million coins in circulation, is capped at $13 billion, according to CoinMarketCap. The meme coin’s website says there will be 1 billion Trump coins over the next three years.
Both the $MELANIA and $TRUMP websites contain disclaimers stating that the pieces are “intended to function as support and engagement with” their respective brand values and “are not intended to be or be the subject of an investment opportunity. , investment contract or security of any type.
The website states that the meme piece is not politically affiliated. But 80% of the coin supply is held by CIC Digital and Fight Fight Fight LLC, affiliates of the Trump Organization, both of which are subject to a three-year unlock schedule – so they can’t sell all their holdings in same time.
The $TRUMP coin website states that it is the “only official Trump meme.”
“Now you can reclaim your piece of history.” This Trump Meme celebrates a leader who does not back down, no matter the odds,” the website reads.
