Melania Trump Launches Her Own 'Memecoin' as $Trump Cryptocurrency Takes a Hit

A Donald Trump 'memecoin' that turned hundreds of people into millionaires took a hit after the incoming First Lady Melania Trump launched a coin of her own.

A cryptocurrency, launched to celebrate Donald Trump's presidency, has seen its value plummet following the announcement of a rival coin by the incoming First Lady.

Trump unveiled his memecoin with a post on Truth Social on Wednesday (January 18), inviting followers to join him in "winning" to mark his presidency.

A disclaimer on Trump's website states that the coin is "not intended to be" an investment opportunity, nor is it a "political" crypto, but instead declares: "This Trump Meme celebrates a leader who doesn't back down, no matter the odds."

After being encouraging his followers to buy the coin, its value quickly rose to an incredible $14 billion.

Within just six hours, $Trump went from a few cents to $14 - and just kept climbing.

The coin saw more than 500 people declare themselves $TRUMP millionaires less than 24 hours after investing in the coins.

But it seems Trump's crypto plans hit a snag when Melania announced her own memecoin.

Launching on the Solana blockchain, the same as Trump's, $Melania quickly received interest of its own as its value pushed to more than $5, according to Forbes.

This saw the coin receive a fully diluted market cap of over $5 billion.

However, the launch of Melania's coin initially had some adverse impacts on the incoming president's crypto as Trump's memecoin crashed by around 40 percent.

Experts at The Kobeissi Letter, which provides commentary on the global capital markets, described the rapidly changing landscape as "insane".

In a post on Twitter, it said: "The coin just erased over $5 billion in market cap in a matter of seconds. $MELANIA coin is being viewed as a competitor against $TRUMP coin. This has resulted in a sharp drop in demand for $TRUMP."

Despite the initial impact, Trump didn't seem to see Melania as a competitor as her social media posts announcing the coin were shared to Trump's own platforms.

His confidence appears to have paid off as $Trump has since made a recovery, rising up up more than 110 percent from the low it hit after the $Melania launch.