- Trump’s $TRUMP meme coin reached a $6 billion market cap in hours.
- Melania Trump joined the trend with her own $MELANIA meme coin launch.
- The Trumps’ venture into crypto continues their growing influence in the digital asset space.
On Friday, President-elect Donald Trump introduced his meme coin, $TRUMP, sparking excitement among investors. The announcement shared through his official Truth Social platform and X, caused a sudden spike in its market capitalization, which reached nearly $6 billion by Saturday morning.
Trump’s coin, marketed as a celebration of “winning,” aims to leverage the meme coin trend, known for its focus on viral personalities and internet movements.
Following her husband’s coin launch, Melania Trump announced on Sunday that she was launching $MELANIA, a meme coin designed for purchase using either cryptocurrency or debit cards.
Like her husband’s coin, $MELANIA is largely a speculative asset with no intrinsic economic value, riding on the popularity of its name and the Trumps’ strong media presence.
While some questioned the legitimacy of the $TRUMP coin, the official social media channels and involvement of CIC Digital LLC, a firm with which Trump has previously collaborated, reassured investors about its authenticity.
Crypto Community Reacts to Meme Coin Phenomenon
Despite both coins’ enthusiasm, the crypto community has expressed concerns about their speculative nature. Critics warn that meme coins, though often seeing rapid price jumps, come with high volatility and risks.
Similar trends were seen during the 2021 and 2022 meme coin craze, where many inexperienced investors faced substantial losses. Nevertheless, the market’s initial reaction to the launch has been largely positive, with many taking cues from Trump’s previous ventures into digital assets, including his involvement with non-fungible tokens (NFTs).
Trump’s Growing Presence in the Crypto World
This launch marks a new chapter in Trump’s growing influence in the crypto market. Once a skeptic, Trump has now embraced cryptocurrency, and his sons have joined in by launching their own venture, World Liberty Financial.
Additionally, Trump has been vocal about making America a hub for cryptocurrency, a promise he made during a Bitcoin conference in Nashville. This shift towards crypto aligns with his broader approach to incorporating new trends into his branding and business strategy.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
