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US President-elect Donald Trump gives remarks alongside Melania Trump at the National Building Museum on January 19 in Washington, DC. (Anna Moneymaker/Getty Images via CNN Newsource)
By Lex Harvey and Auzinea Bacon, CNN
(CNN) — The incoming first couple have launched a pair of meme coins in the leadup to president-elect Donald Trump’s inauguration.
Melania Trump launched her cryptocurrency $MELANIA in a social media post Sunday, sending her husband’s cryptocurrency $TRUMP, announced two days earlier, plummeting.
“The Official Melania Meme is live! You can buy $MELANIA now. https://melaniameme.com,” the future first lady wrote on X Sunday.”
Meme coins are a type of highly volatile cryptocurrency inspired by popular internet or cultural trends. They carry no intrinsic value but can soar, or plummet, in price.
“My NEW Official Trump Meme is HERE!” Trump wrote on X Friday. “It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to http://gettrumpmemes.com — Have Fun!”
Both coins are trading on the Solana blockchain. Trump’s meme coin skyrocketed over the weekend and was trading at more than $70 by Sunday afternoon, according to CoinGecko.
However, the president-elect’s coin nosedived to $40 after Melania revealed her own coin. It has since recovered some of those losses and was trading around $60 early Monday. $MELANIA was trading just over $12 early Monday, according to CoinGecko.
$TRUMP is the first cryptocurrency endorsed by the incoming president, who once trashed bitcoin as “based on thin air.”
In July 2024, Trump addressed crypto’s largest convention and has since appointed Howard Lutnick, who supports the cryptocurrency company Tether, to run the US Commerce Department. Lutnick is among other crypto enthusiasts appointed to Trump’s next administration.
The Trump coin’s market capitalization, which is based on the 200 million coins circulating, is capped at $13 billion, according to CoinMarketCap. The meme coin’s website said there will be 1 billion Trump coins over the next three years.
Both $MELANIA and $TRUMP’s websites contain disclaimers saying the coins are “intended to function as a support for, and engagement with” the values of their respective brands and “are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”
The website says the meme coin is not politically affiliated. But 80% of the coin’s supply is held by Trump Organization-affiliate CIC Digital and Fight Fight Fight LLC, which are both subject to a three-year unlocking schedule – so they cannot sell all of their holdings at once.
The $TRUMP coin’s website says it is “the only official Trump meme.”
“Now, you can get your piece of history. This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the website reads.
The-CNN-Wire
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