Melania Trump launches her own cryptocurrency amid all-time high for Bitcoin
The incoming first lady announced the “Official Melania Meme” on Sunday in a post on X.
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One day earlier, Donald Trump launched the meme coin $Trump, telling users on his social media platform Truth Socal: “It’s time to celebrate everything we stand for: WINNING!”
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Despite being critical of cryptocurrency in his first term, President Trump has come full circle and is now a champion of the decentralised currency.
On Monday morning, Bitcoin hit an all-time high of $109,000 as investors betted the new president would give the industry a boost when he came into office.
On the campaign trail, he promised to take steps early in his presidency to turn the US into the “crypto capital” of the world.
He said he would create a US crypto stockpile, bringing in industry-friendly regulation and appointing a crypto “czar” for his administration.
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“You’re going to be very happy with me,” Trump told crypto-enthusiasts at a Bitcoin conference last summer.
He was also the first presidential candidate to accept campaign donations in crypto and is working closely with Elon Musk, who has long been a crypto-evangelist.
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However, the president faced criticism over his new coin.
“Trump owning 80 percent and timing launch hours before inauguration is predatory and many will likely get hurt by it,” said crypto venture capitalist Nick Tomaino in a social media post.
“Trump should be airdropping to the people rather than enriching himself or his team on this.”
However, Mr Tomaino did say that President Trump’s inauguration represented a “net positive” for the crypto world.
“Vibe shift from Biden anti-crypto era to Trump era is great.”
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Meme coins are a highly volatile corner of the crypto industry that often starts as a joke with no real value but if people are willing to buy them, they can surge in price.
President Trump’s coin tripled in price to more than $70 (£57) after its launch, giving it a total value of over $14bn, but when his wife launched $MELANIA, it briefly tanked the value of $TRUMP.
Mr Trump’s coin has now recovered much of its value and is selling for around $53 (£43).
$MELANIA is selling for around $11 (£9).
