Melania Trump Launches New Cryptocurrency Amid Growing Market
Melania Trump Launches New Cryptocurrency Amid Growing Market.
Incoming First Lady Melania Trump has introduced a cryptocurrency just prior to her husband's inauguration as President of the United States.
This announcement follows the launch of the $Trump cryptocurrency by President-elect Donald Trump. Both digital currencies have experienced fluctuations in trading, although they have seen an increase in value.
"The Official Melania Meme is live! You can buy $MELANIA now," she posted on the social platform X, external on Sunday.
The website for the "Official Melania Meme" indicates that it is a cryptocurrency asset developed and monitored on the Solana blockchain.
Both the $Trump and $Melania coin websites include disclaimers stating that they are "not intended to be, or the subject of" an investment opportunity or a security.
As reported by CoinMarketCap, the market capitalization of $Trump is approximately $12 billion (£9.8 billion), while $Melania's market valuation is around $1.7 billion.
Previously, Trump referred to cryptocurrency as a "scam," but during his 2024 election campaign, he became the first presidential candidate to accept digital assets as contributions.
While campaigning, Trump also expressed intentions to establish a strategic bitcoin reserve and appoint financial regulators who would adopt a more favorable approach towards digital currencies.
This led to heightened expectations that he would reduce regulations affecting the cryptocurrency sector.
Following Trump's electoral success, bitcoin surged to an all-time high and is currently trading at approximately $107,000, according to the crypto trading platform Coinbase.
On Friday, David Sacks, the newly appointed artificial intelligence (AI) and cryptocurrency advisor, hosted a "Crypto Ball" in Washington, DC.
Other cryptocurrencies, such as Dogecoin, which has received significant promotion from prominent Trump supporter Elon Musk, have also experienced substantial increases this year.
During President Joe Biden's administration, regulators expressed concerns regarding fraud and money laundering, leading to a crackdown on cryptocurrency companies through legal actions against exchanges.
While the launch of Melania Trump's $MELANIA cryptocurrency may seem like an exciting new venture, it raises concerns regarding the volatile nature of the digital asset market. Cryptocurrencies, often subject to rapid fluctuations, are not typically backed by tangible assets, and their speculative nature can pose significant risks to investors.
RELATED: Bitcoin Stocks Surge as Crypto Rallies Before Trump Inauguration.
Additionally, the lack of clear regulatory oversight and the uncertain future of digital currency regulations under the Trump administration only adds to the complexity of these assets. Investors must approach such assets with caution, considering the potential for market instability and the unpredictable nature of political involvement in the crypto space.
