Days before his inauguration, President-elect Donald Trump introduced $TRUMP, a cryptocurrency meme coin. It is based on the Solana blockchain.
Trump’s “memecoin” was launched on Friday night and rose from less than $10 on Saturday morning to as high as $74.59 before losing some of its gains on Monday. It is now valued at around $42.
The CoinMarketCap website states that Melania’s entire market value is approximately $1.7 billion, whereas Trump’s is approximately $12 billion (£9.8 billion).
Before Trump verified the coin’s legality through his official X and Truth Social accounts, its legitimacy was first questioned. The $TRUMP coin’s logo features a cartoon image of Trump raising his fist.
As the new administration gets ready to relax regulation of the volatile and contentious assets, Melania Trump, the incoming first lady of the United States, has followed her husband’s example by establishing a multibillion-dollar digital meme coin, raising questions about conflict of interest.
Both the $Trump and $Melania coins’ websites contained disclaimers stating that they were “not intended to be, or the subject of” a security or an investment opportunity.
It is also stated on the website that:
“GetTrumpMemes.com is not political and has nothing to do with any political campaign or any political office or governmental agency.”
As Donald Trump got ready to return to the White House, digital currencies surged. Presidential ethics experts were disturbed by his intention to introduce cryptocurrency on the event of his inauguration.
Melania’s coin is already worth more than AI innovator Sam Altman’s Worldcoin, and Trump and Melania’s coins have already made it into the top 100 coins in terms of value due to their social media presence and profiles.
CIC Digital, a Trump Organization company, arranged the selling of Trump meme coins. Trump encouraged supporters of the meme coin to “Have Fun!” According to the website that sells the tokens, they are not intended as a financial opportunity but rather as tokens of support. According to the coin’s website, there are presently 200 million Trump meme coins accessible, and one billion will be distributed over the following three years.
