The Trump Meme Coin website states that the token is intended to serve as an “expression of support” rather than an investment opportunity.
President-elect Donald Trump and his wife Melania Trump launched their own cryptocurrency memecoin just days before Trump was inaugurated for his second term.
“It’s time to celebrate everything we stand for – victory! Join my special Trump community,” the president-elect wrote on January 17 while unveiling the $TRUMP meme coin. As mentioned in Social.
On January 19th, the Trump meme coin rose to an all-time high of $76.13, then fell to a low of $38.39, finishing around $60.
Token’s website states that “Trump Memes are intended to serve as an expression of support, not as an investment opportunity” and are not affiliated with politics.
According to the Memecoin website, 200 million Trumpcoins were available at launch, but that number is expected to increase to 1 billion over the next three years.
The website states that Trump Organization affiliates CIC Digital LLC and Fight Fight Fight LLC own 80 percent of the Trump Meme Coins, and that these coins are subject to a three-year unlock schedule. It is stated that
Melania Trump followed suit, releasing her own meme coin named $MELANIA the day before January 20th. Her release caused the Trump meme coin to drop nearly 50 percent, reaching a high of $17.72 on January 19th. The coin was issued on the Solana blockchain.
Like the Trump meme coin, the Melania Trump token is not intended as a financial product or investment. The website selling the $MELANIA meme coin describes it as a “fungible crypto asset” and says it is sold for “collection and entertainment purposes only.”
According to the website, Melania Meme Coin allocates 35% to team vesting, 20% each to token finance and community initiatives, 10% to liquidity, and 15% to general distribution.
The coin launch comes amid expectations that the incoming Trump administration will bring about a favorable regulatory environment for the cryptocurrency industry. Crypto is a term that refers to decentralized digital currencies that operate without centralized control by a government or central bank.
President Trump has filled his administration with crypto supporters, including hedge fund manager Scott Bessent as Treasury Secretary and billionaire Howard Lutnick as Secretary of Commerce. On the campaign trail, President Trump said he would prevent the Federal Reserve from creating its own digital currency or central bank digital currency.
Last month, the president-elect nominated crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC). Mr. Atkins served as an SEC commissioner in the administration of former President George W. Bush in 2002.
In a 2023 podcast interview, Atkins touted the benefits of cryptocurrencies and their underlying technology and why they are important for the sector to thrive in the US economy.
At last year’s Bitcoin conference, Trump vowed to make the United States the “crypto capital of the planet.” He pledged to start a national Bitcoin reserve, create a Presidential Cryptocurrency Advisory Council, and foster an environment that ensures all remaining Bitcoin is mined within the United States.
Melanie Sun and Andrew Moran contributed to this report.
