Title: The Trump Duo Introduces a Duo of Meme Coins Before Inauguration
Melania Trump stepped into the cryptocurrency game on Sunday, launching her meme coin, $MELANIA, via a social media post. This announcement sent her husband's recently introduced meme coin, $TRUMP, tumbling.
"The Official Melania Meme is live! Buy $MELANIA now. https://melaniameme.com", wrote the soon-to-be first lady on her chosen day.
Meme coins, a type of highly volatile crypto, draw inspiration from popular internet trends or culture. They have no inherent value, but they can skyrocket or nosedive in price.
Two days prior, Donald Trump announced his meme coin, exclaiming, "My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING! Join my special Trump community. Get your $TRUMP now. http://gettrumpmemes.com. Have Fun!"
Both coins are traded on the Solana blockchain, known for its rapid transactions, affordable fees, and strong security features, which are highly attractive traits for meme coins.
Over the weekend, Trump's meme coin surged, with CoinGecko reporting a price of over $70 by Sunday afternoon. However, post-Melania's entrance, $TRUMP took a dip, plunging to $40, only to partially recover, trading around $60 early Monday. $MELANIA, meanwhile, was trading at just over $12 on Monday, as reported by CoinGecko.
$TRUMP is the first-ever cryptocurrency endorsed by an incoming president, who, in the past, discredited bitcoin as "based on thin air."
In July 2024, Trump addressed the crypto sector's largest convention. Following this, he appointed Howard Lutnick, a pro-crypto advocate and Tether supporter, to head the US Commerce Department. The new administration also features other crypto enthusiasts.
According to CoinMarketCap, $TRUMP's market cap, which is based on the 200 million circulating coins, is capped at $13 billion. However, the meme coin's website promises 1 billion Trump coins within the next three years.
Both $MELANIA and $TRUMP's websites carry disclaimers. These assert that the coins are intended to uphold their respective brands' values and are not designed to serve as investment opportunities or securities of any kind. The websites also emphasize that the coins are politically neutral, despite 80% of $MELANIA's supply being in the possession of CIC Digital and Fight Fight Fight LLC, firms connected to the Trump Organization, which are subject to a three-year lockdown schedule.
The $TRUMP coin's website is proud to claim, "Now, you can get your piece of history. This Trump Meme celebrates a leader who doesn't back down, no matter the odds."
In the world of tech-based business, Melania Trump introduced her meme coin, $MELANIA, which saw mixed reactions in the market. Notably, this move affected her husband's meme coin, $TRUMP, leading to a decrease in its value.
As tech-driven business ventures go, meme coins like $MELANIA and $TRUMP have gained popularity for their volatile nature and potential for sudden price changes, despite having no inherent value.
