Hours before the second inauguration of President-elect Donald Trump, incoming First Lady Melania Trump announced the launch of her cryptocurrency.
"The Official Melania Meme is live! You can buy $MELANIA now," she shared on X.
The release of $MELANIA follows closely after Mr Trump introduced his meme coin, which briefly impacted the value of $TRUMP before recovering it.
According to its official website, the $MELANIA cryptocurrency is built and tracked on the Solana blockchain.
Meme coins are cryptocurrencies inspired by characters, individuals, animals, or artwork.
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The $Trump and $Melania coins have experienced value increases since their launch but are also subject to volatile trading. The Independent reported that their respective websites emphasize that these cryptocurrencies are "not intended to be, nor should they be considered," investment opportunities or securities.
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The $Trump website describes the token as a symbol of support for the incoming president.
"It's time to celebrate everything we stand for: WINNING! Join my very special Trump Community," Donald Trump said in a post on X.
The $Trump meme coin has a total market valuation of about $12 billion and the $Melania cryptocurrency stands at just over $2 billion, according to the CoinMarketCap website.
Mr Trump has proposed issuing an executive order as president to prioritize cryptocurrency policy, signalling a departure from the Biden administration's approach, which focused on investigating the crypto industry over concerns related to fraud and money laundering.
The president-elect campaigned on a promise to end the "persecution" of the cryptocurrency industry and to establish the United States as the world's "Bitcoin superpower."
