Jan 20 Monday 2025, USA: President-elect Donald Trump launched a new cryptocurrency token called the Trump meme coin ahead of his inauguration today.
The coin is marketed as an expression of support instead of an investment opportunity. Its value has soared since its launch pre-inauguration. The coin was initially priced at $10 each and reached as high as $70 before falling sharply later on Sunday.
On Monday Melania Trump launched her meme coin, $MELANIA, which has a rapid impact on the market. The launch of Melania’s meme coin caused Donald Trump’s meme coin, $TRUMP, to plunge by around 40% in value. This huge drop occurred as traders shifted their attention to Melania’s new launch.
Melania’s memecoin which is built on the Solana blockchain, reached a $10 billion valuation within three hours of its launch. Meanwhile, Donald Trump’s meme coin initially soared and amassed billions in market capitalization. The coin saw its value drop from around $72 to below $39 within a few hours, wiping out approximately $6 billion of its market value. This event led to $TRUMP out of the top two meme coins by market cap, as Shiba Inu (SHIB) surged back into the second position.
According to the website of the coin, 200 million Trump meme coins are currently available, and 1 billion will be issued over the next three years. CIC Digital, an affiliate of the Trump Organization, and another company all own 80% of the Trump meme coins and will receive trading revenue derived from trading activities.
For some crypto enthusiasts, the launch of the Trump meme coin symbolizes support for the cryptocurrency industry from the incoming president. The Biden administration was accused of targeting the cryptocurrency industry unfairly. Critics, however, say this could be a dangerous way in which special interests and foreign governments attempt to buy influence with the president. Former Trump White House communications director Anthony Scaramucci said on X, “Now anyone in the world can essentially deposit money into the bank account of the President of the USA with a couple of clicks.”
The Trump meme coin launch is part of a wider trend of the Trump family’s involvement with cryptocurrencies. They have helped launch previous ventures to trade cryptocurrencies and also dabbled in NFTs, making between $100,000 and $1 million from a series of digital trading cards depicting Trump in cartoon-like images. Keep on Reading questiqa.com and Questiqa.in for more updates.
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