Melania Trump launches cryptocurrency on eve of inauguration
2025-01-20
Category: economic

Incoming first lady Melania Trump has launched a cryptocurrency on the eve of her husband's inauguration as US president.The announcement comes a day after President-elect Donald Trump launched the $Trump cryptocurrency. Both coins have risen but have seen volatile trade."The Official Melania Meme is live! You can buy $MELANIA now," she posted on the social platform X on Sunday.The website for the "Official Melania Meme" says it is a crypto asset created and tracked on the Solana blockchain. 
Disclaimers on the websites of both the $Trump and $Melania coins said they were "not intended to be, or the subject of" an investment opportunity or a security.According to the CoinMarketCap website, $Trump has a total market valuation of about $12bn (£9.8bn), while $Melania's stands at around $1.7bn.Trump had previously called crypto a "scam" but during the 2024 election campaign became the first presidential candidate to accept digital assets as donations.On the campaign trail, Trump also said he would create a strategic bitcoin stockpile and appoint financial regulators that take a more positive stance towards digital assets.That spurred expectations that he would strip back regulations on the crypto industry.In the wake of Trump's victory, bitcoin jumped to a record high is currently trading at  $140,000, according to crypto trading platform Coinbase.On Friday, the incoming artificial intelligence (AI) and crypto tsar David Sacks held a  "Crypto Ball" in Washington, DC.Other cryptocurrencies, including dogecoin - which has been promoted by high-profile Trump supporter Elon Musk - have also risen sharply this year.Under President Joe Biden, regulators cited concerns about fraud and money laundering as they cracked down on crypto companies by suing exchanges.