Incoming First Lady Melania Trump has launched her own cryptocurrency - the $MELANIA coin - on the eve of her husband’s inauguration as President of the United States.
The announcement, made on the social media platform X, came a day after President-elect Donald Trump unveiled his own digital asset, the $Trump coin.
Both cryptocurrencies have seen substantial rises in value, though the trade has been marked by volatility, as is often the case in the nascent crypto market.
"The Official Melania Meme is live! You can buy $MELANIA now," Melania Trump posted, with the coin already making headlines across financial news platforms.
According to the official website, $MELANIA is a crypto asset created on the Solana blockchain, a platform known for its speed and lower transaction fees compared to Bitcoin. The website also includes a disclaimer stating that the coin is "not intended to be, or the subject of, an investment opportunity or a security."
Both the $Trump and $Melania coins share a similar message, positioning themselves as digital assets with no promises of investment returns. The disclaimer highlights that these assets should not be viewed as financial instruments in a traditional sense.
Market data from CoinMarketCap shows that $Trump has a market valuation of approximately $8.7 billion, while $Melania’s market cap stands at about $1.3 billion, reflecting a smaller but notable presence in the digital currency world.
Despite previously denouncing cryptocurrencies as a "scam," former President Donald Trump has shifted his stance, particularly during his 2024 election campaign. The former president became the first major candidate to accept digital assets as political donations, fueling speculations of a more crypto-friendly regulatory environment under his leadership.
During his campaign, Trump also proposed a strategic bitcoin stockpile, along with plans to appoint financial regulators who would take a more lenient stance towards digital currencies. This stance has raised expectations that under a Trump administration, the regulatory landscape for cryptocurrencies would become less stringent.
The release of $MELANIA and $Trump coins aligns with broader cryptocurrency market trends, with Bitcoin recently hitting an all-time high of $140,000, according to crypto trading platform Coinbase.
Furthermore, the rise of these digital assets comes as David Sacks, the incoming artificial intelligence and crypto tsar, hosted a "Crypto Ball" in Washington, D.C. on Friday, cementing the growing influence of cryptocurrencies within the political establishment. High-profile figures like Elon Musk have also helped promote cryptocurrencies, such as Dogecoin, which has seen significant price increases this year.
Meanwhile, under President Joe Biden’s administration, regulators have cracked down on the crypto industry, citing concerns over fraud and money laundering. Multiple lawsuits against major exchanges have highlighted the increasing scrutiny of digital assets.
