US: Melania Trump launches own cryptocurrency

Incoming United States First Lady, Melania Trump, has unveiled her own cryptocurrency, $MELANIA, ahead of her husband’s inauguration today as the 47th US president.

Melania announced the launch on the social platform X on Sunday, writing, “The Official Melania Meme is live! You can buy $MELANIA now.” The crypto asset is based on the Solana blockchain, as described on its official website.

The launch follows President-elect Donald Trump’s introduction of the $Trump cryptocurrency, which has sparked significant market interest. Both $Trump and $MELANIA have experienced volatile trading since their announcements.

Disclaimers on both coins’ websites state that they are “not intended to be, or the subject of” investment opportunities or securities.

ALSO READ: What to know about Trump’s $TRUMP meme coin

According to CoinMarketCap, $Trump currently boasts a market valuation of approximately $8.7 billion (£7.1 billion), while $MELANIA’s valuation stands at around $1.3 billion.

Despite previously referring to cryptocurrency as a “scam,” Donald Trump shifted his stance during the 2024 election campaign, becoming the first presidential candidate to accept digital assets as donations. 

He also proposed creating a strategic bitcoin stockpile and pledged to appoint regulators who favour digital assets, leading to expectations of reduced regulations on the crypto industry.

Bitcoin has surged to a record high following Trump’s election victory, trading at $140,000 according to Coinbase. Other cryptocurrencies, such as dogecoin, which has been promoted by Elon Musk, a high-profile Trump supporter, have also risen sharply this year.

In the lead-up to the inauguration, Washington, DC, hosted a “Crypto Ball” on Friday, organised by incoming AI and crypto tsar David Sacks.

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