Incoming United States First Lady Melania Trump issued a cryptocurrency meme coin ahead of President Donald Trump’s inauguration today.
Trump also launched a meme coin over the weekend. Both coins soared in value before Trump was inaugurated, with Donald Trump’s rising to over US$14 billion in market capitalisation and Melania Trump’s reaching $13 billion.
“The Official Melania Meme is live! You can buy $MELANIA now,” Melania Trump said on X. The coin is hosted on the Solana blockchain.
Meme coins are a subset of cryptocurrency inspired by cultural trends, particularly internet memes, and are typically volatile in value.
“Melania memes are digital collectibles intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA. and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type,” according to Melania Trump’s meme coin’s website.
With the launch of Melania Trump’s meme coin, Donald Trump’s coin plummeted in value. While its price reached US$74.59 after its release, it is now trading at $36.73, as of 9 am AEDT.
Melania Trump’s coin peaked at $13.64, but is now trading at $4.21.
Trump-owned company CIC Digital owns 80% of Donald Trump’s coin’s supply, raising significant ethical issues.
“He’s launching a major, new multibillion-dollar venture in the burgeoning crypto industry, where he has the most profound conflict of interest between [what] he’s seeking to gain and his duties to regulate that industry — which now includes himself,” said former White House ethics adviser Norm Eisen. “This may represent the single worst conflict of interest in the modern history of the presidency.”
Trump will reportedly name cryptocurrency as a national priority through an executive order in his early days as president, and create a crypto advisory council to advocate for the industry. Crypto companies such as Coinbase and Ripple have donated to Trump’s inaugural committee.
