Crypto Coins Launched By Trump, Melania Crash Post US President's Oath-Taking

The value of the newly launched meme coin, named after Trump, plummeted by nearly 50% to $34.4, after hitting a peak of $74.59.

The launch of meme coins named after former US President Donald Trump and First Lady Melania Trump has sparked concerns over potential conflicts of interest.

Trump unveiled the $TRUMP and $MELANIA tokens shortly before his inauguration, prompting scrutiny from ethics experts and industry insiders.

The tokens are part of Trump's broader foray into the cryptocurrency market, which has seen the launch of several digital assets bearing his name or likeness.

Announcing the launch of the meme coin, Trump took to X on January 18, posting, “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. Go to http://gettrumpmemes.com — Have Fun! (sic)."

However, the tokens have raised eyebrows due to their close association with Trump's political and business ventures.

According to the website of Trump's business, CIC Digital, a subsidiary of the Trump Organization, owns 80 per cent of the Trump coin's tokens, while another entity named Fight, Fight, Fight also holds a substantial portion.

The involvement of Trump's businesses in the cryptocurrency venture has raised questions about whether the tokens could be used to benefit his family or associates financially or politically.

Moreover, critics have pointed out the irony of Trump's foray into cryptocurrencies, given his past skepticism and criticism of digital assets, including Bitcoin.

In 2017, Trump had called Bitcoin a “scam” and expressed concerns over its potential to be used for illicit activities.

However, his administration's reported interest in key regulatory changes, such as the creation of a “Bitcoin strategic reserve,” had sparked anticipation among crypto enthusiasts.

Trump's administration was widely expected to announce measures to bolster the legitimacy of cryptocurrencies in the eyes of institutional investors.

Yet, the absence of any specific mentions of cryptocurrencies in Trump's inaugural speech left many disappointed.

The speech focused primarily on trade tariffs, immigration policy, energy deregulation, and a reprieve for TikTok, among other topics.

While Trump's involvement in the cryptocurrency market could have far-reaching implications, it remains to be seen how his administration will ultimately navigate the complex and rapidly evolving digital asset landscape.