President-elect Donald Trump and incoming First Lady Melania Trump have launched cryptocurrency meme coins before the inauguration.
On Friday, Trump introduced the $TRUMP coin in X, declaring, “It’s time to do everything we stand for: WIN!»
Melania Trump $MELANIA two days on Sunday.
A meme coin is a cryptocurrency that usually originates from a specific internet meme or is rooted in a joke. The name of the planned Department of Government Efficiency, or DOGE, which Trump appointed Elon Musk to co-lead, is a reference to Dogecoin, a meme coin that Musk has backed in the past.
The Trump meme piece is illustrated with an artistic rendition of Trump raising his fist in the air, symbolizing his movements following his assassination at a rally in July 2024.
The meme of Melania Trump showed an image of her in black and white.
The market capitalization of $TRUMP reached $6 billion on Saturday, according to coinmarketplacecap. com. At its peak, the coin was trading at around $31, according to CoinGecko.
On Saturday morning, Trump reposted a post from his son, Eric Trump, on X saying that $TRUMP is “currently the virtual meme in the world” and that he believes it will be “the long term of finance. “
“We’re starting!” Eric Trump wrote.
A network of corporations affiliated with the Trump Organization jointly own 80% of the coin’s supply, according to the coin’s website. According to the website, the companies are subject to a three-year lock-up, meaning they sell all of their coins at once.
Trump hasn’t always been a crypto fan, even calling the industry a “scam” and a “disaster waiting to happen” in 2021. Still, the crypto industry courted Trump heavily during the 2024 presidential election, raising millions of dollars for political contributions.
Trump has now embraced cryptocurrencies, becoming the first presidential candidate from a primary party to attend the Bitcoin convention in July. Speaking to Web3 influencer Farokh Sarmad in September, Trump said that the United States would be the first country to integrate cryptocurrencies.
“If we don’t do it, China will,” Trump said. “We have to be the best. “
The website for Trump’s coin says that the meme coins are “intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol “$TRUMP” and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type.”
“GetTrumpMemes. com is not political and has nothing to do with a political campaign, a political bureau or a government agency,” he says.
Trump’s transition team did not respond to a request for comment from Business Insider.
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