Ahead of President-elect Donald Trump’s inauguration, he and his wife Melania have both launched their own meme coins.
Melania Trump introduced her cryptocurrency, $MELANIA, in a social media post on Sunday, which caused a sharp drop in her husband’s $TRUMP coin, which was announced just two days earlier.
“The Official Melania Meme is live! You can buy $MELANIA now,” the future first lady shared on X (formerly Twitter).
Meme coins are a type of cryptocurrency that are typically based on internet trends or memes. They don’t have intrinsic value but can experience significant price fluctuations.
Trump also announced his own meme coin, writing on X, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Have Fun!”
Both $MELANIA and $TRUMP are built on the Solana blockchain. Over the weekend, Trump’s meme coin surged, reaching over $70 by Sunday afternoon, according to CoinGecko. However, after Melania launched her coin, $TRUMP’s price dropped to $40 but later recovered to around $60 by Monday morning. In comparison, $MELANIA was trading at just over $12.
$TRUMP is the first cryptocurrency to be endorsed by Donald Trump, who has previously criticized bitcoin as “based on thin air.” In July 2024, he spoke at a major cryptocurrency convention and has appointed crypto supporters, such as Howard Lutnick (who backs the cryptocurrency company Tether), to key positions in his upcoming administration, including heading the US Commerce Department.
The market capitalization of the $TRUMP coin, which is based on the circulation of 200 million coins, is capped at $13 billion, according to CoinMarketCap. The coin’s official website mentions that there will be a total of 1 billion $TRUMP coins available over the next three years.
Both the $MELANIA and $TRUMP websites include disclaimers stating that the coins are meant to “support and engage with” the values of their respective brands, but are not intended as investment opportunities or securities.
The $TRUMP website also clarifies that the coin is not politically affiliated. However, 80% of the coin’s supply is controlled by Trump Organization-linked entities, CIC Digital and Fight Fight Fight LLC. These entities are subject to a three-year unlocking period, meaning they cannot sell all their coins at once.
The $TRUMP website promotes the coin as “the only official Trump meme” and encourages people to own a piece of history. It describes the coin as a tribute to a leader who “doesn’t back down, no matter the odds.”