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Cryptocurrency News Articles
Donald and Melania Trump Launch Meme Coins, Causing Havoc in the Cryptocurrency World
Jan 20, 2025 at 07:11 pm
The cryptocurrency world was in a frenzy over the weekend after the incoming president, Donald Trump, and his wife, Melania Trump, launched their meme coins.
The cryptocurrency world went into a frenzy over the weekend after the incoming president, Donald Trump, and his wife, Melania Trump, launched their meme coins.
On January 17, 2025, Trump announced his new cryptocurrency token, $TRUMP, under CIC Digital LLC, which will own 80% of the coin supply.
Two days later, the incoming First Lady took to X to unveil her cryptocurrency coin, $MELANIA, linking to a website that sold the meme coin.
The back-to-back announcements of Trump family meme coins caused a stir in the cryptocurrency world, with many speculating about whether their youngest son, Barron, was behind the project. The teenager is a cryptocurrency aficionado, holding the post of ‘DeFi Visionary’ on Trump's crypto platform, Wold Liberty Financial.
Memes about Barron's alleged involvement in his parents' meme coin debacle circulated on social media, with one user tweeting:
Others speculated about a new meme coin under Barron's name, set to be launched soon.
Another netizen speculated that Trump might launch coins for his entire family so that people could buy all the meme coins by January 31. Here are some other reactions online:
Melania's meme coin caused a dip in $TRUMP coins
The $TRUMP coin, launched on January 17, 2025, soared to $75 when it first appeared. Following its release, demand was so high that other coins fell in value, and it broke into the top 20 cryptocurrencies.
However, the price of the $TRUMP coin crashed by around 50% after the $MELANIA coin was released on January 19. After traders rushed to buy $MELANIA, the price of $TRUMP settled around $30 before recovering to about $64.
Both coins were reportedly launched on Solana, a blockchain platform started in 2020. According to The Guardian, $MELANIA coins surged in price, achieving a market capitalization of over $13 billion, while $TRUMP hit $14 billion.
The launch of the meme coins started a conversation online about using politics to garner personal profit. However, a disclaimer on the website that sold the $TRUMP coins stated the coins were "intended to function as an expression of support."
Donald Trump has previously shown an interest in cryptocurrency, launching World Liberty Financial, his crypto platform, in September 2024. While Donald Trump Jr. and Eric Trump headed the company, Barron Trump received recognition after being appointed as the company's ‘DeFi Visionary,' focusing on decentralized finance (DeFi) services.
In other news, Donald Trump will take office for his second presidential term following his inauguration on January 20, 2025.
Disclaimer:info@kdj.com
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