Incoming First Lady Melania Trump announced the launch of her own cryptocurrency, "$Melania," on the eve of her husband's inauguration as President of the United States. This development comes shortly after President-elect Donald Trump introduced his cryptocurrency, "$Trump," which boasts a market valuation of approximately $8.7 billion. The "$Melania" cryptocurrency, meanwhile, achieves a valuation of about $1.3 billion.
The newly launched "$Melania" operates on the Solana blockchain, a platform known for its efficiency and scalability. The website for "$Melania" clarifies that the digital asset is not designed as an investment opportunity or a security. This announcement closely followed the "Crypto Ball" held in Washington, DC, orchestrated by David Sacks, the incoming AI and crypto tsar.
"The Official Melania Meme is live! You can buy $MELANIA now." – Melania Trump
Cryptocurrency markets have been notably active following Trump's presidential victory. Bitcoin has surged to an unprecedented high, currently trading at $140,000. Other digital currencies, such as dogecoin, have also experienced significant gains this year. High-profile Trump supporter Elon Musk has prominently promoted dogecoin, contributing to its rising popularity.
The embrace of cryptocurrencies marks a shift in Donald Trump's stance. Although he previously labeled crypto as a "scam," he later accepted digital assets as campaign donations during the 2024 election. Furthermore, Trump announced plans to establish a strategic bitcoin reserve and appoint financial regulators who adopt a more favorable view toward digital currencies.
Under President Joe Biden's administration, regulators took a stringent approach to cryptocurrencies, suing exchanges over fraud and money laundering concerns. This regulatory environment has posed challenges for crypto companies looking to establish legitimacy and trust among investors.
Additionally, potential buyers can purchase the "$Melania" cryptocurrency through the social platform X, expanding its accessibility to a broader audience. Despite its current valuation, the introduction of "$Melania" adds another dimension to the evolving landscape of digital assets.