Melania Trump launches cryptocurrency ahead of presidential inauguration

Incoming First Lady Melania Trump announced the launch of her cryptocurrency, $MELANIA, just before her husband Donald Trump’s swearing-in as US President. The announcement follows the creation of the $Trump cryptocurrency, which debuted earlier. Both coins have experienced volatile trading.

“The Official Melania Meme is live! You can buy $MELANIA now,” Melania posted on the social media platform X. According to its website, $MELANIA is a crypto asset based on the Solana blockchain. Both $Trump and $MELANIA disclaim any intent as investment opportunities or securities.

As of now, $Trump’s market valuation stands at approximately $12 billion (£9.8 billion), while $MELANIA is valued at $1.7 billion, according to CoinMarketCap.

Donald Trump, who previously referred to cryptocurrency as a "scam," shifted his stance during his 2024 presidential campaign, becoming the first candidate to accept digital assets as donations. He also promised to build a strategic bitcoin reserve and appoint crypto-friendly financial regulators, raising expectations for deregulation of the crypto industry.

Bitcoin surged to a record high of $107,000 following Trump’s victory, while other cryptocurrencies, such as dogecoin—promoted by Trump supporter Elon Musk—have also seen significant gains.

In Washington, DC, the incoming AI and crypto advisor David Sacks hosted a "Crypto Ball" to celebrate the new administration’s stance on digital assets.

Under the previous Biden administration, regulators had taken a stricter approach, citing fraud and money laundering concerns as they cracked down on crypto exchanges and companies. The Trump administration’s policies are anticipated to mark a shift towards a more favorable environment for the crypto industry.