The coin of the president-elect has more than doubled in value, before slowly returning on the Sunday prior to his the inauguration
The new US president, Melania Trump, has been following in the footsteps of her husband by launching a multibillion dollar cryptocurrency meme coin, causing conflicts of interest as the Trump administration prepares to ease regulation on the uncertain and controversial asset.
The digital currency market grew in the last few days as Donald Trump prepared to return to the White House. The decision to introduce crypto currencies on the day of his inauguration has alarmed experts on presidential ethics.
Its price for the new President’s token, $Trump was up by more than 70 dollars (PS57) which gave its value over $14 billion just after its official launch on Friday. But the launch of his wife’s coin $Melania, cut back on the gains of investors who poured on to her other coin.
“This may represent the single worst conflict of interest in the modern history of the presidency,” Norman Eisen an ethics advisor who served as a former official within the Obama administration said to The Washington Post. Trump is in “the most profound conflict of interest” in the crypto industry He also cited the fact that he wanted to gain “seeking to gain” and control the market.
The cryptocurrency market has seen significant growth following Donald Trump’s victory in November, as he declared plans to loosen regulations on the market.
This morning, Bitcoin – which is the world’s most popular digital currency has hit a new record highest of $109,241, rising by more than 5percent. Dogecoin is called by billionaire Trump-loving billionaire Elon Musk as the “people’s crypto” – gained almost 5%, whereas Ethereum increased by 3.5 percent to reach $3,384.
Trump who will take office on the morning of Monday shared on social media as his presidential oath was unveiled: “It’s time to celebrate all that we represent”WINNING!” Join my exclusive Trump Community. GET YOUR $TRUMP NOW.”. According to the website of the meme coin the company owned by Trump, CIC Digital LLC, will hold 80percent of the coin’s supply.
The token quickly made it to the 20th spot among all cryptocurrency. That’s the magnitude of the digital stampede, said blockchain analysts that it took liquidity away from the the market, which caused other currencies to lose value when traders sold their assets to invest in Trump’s.
Melania Trump’s debut seemed to have the same unexpected impact in the marketplace, when traders offered the meme’s coin to gain an unidentified target. “The Melania Meme Officially is available! Buy $MELANIA today,” she posted on X and was later reposted by her husband.
After the announcement of $Melania, the value of $Trump plunged by 50 percent from $75 to $30 before regaining slowly in the hours following until it was around $64. The market capitalisation for $Melania soared up to $13 billion.
“This is beyond insane,” analysts from The Kobeissi Letter posted on X. “Less less than 48 hours back, Donald Trump launched $trump which erased $7.5bn of market cap within 10 minutes. Within the first few minutes of the announcement of Melania Trump’s crypto we saw huge selling orders in $trump.”
An meme coin refers to a kind of cryptocurrency influenced by current trends, such as memes that have no intrinsic value, and are typically subject to price swings and crashes. A coin created with the help of “Hawk Tuah girl” Haliey Welch, which dropped 95% following its announcement last month, dropping from a market capitalisation of $500 million to $25 million. Welch was famous for the internet went viral with a video of her discussing oral sexual relations.
Meme coins are classified by trader as the “pure form of gambling” which is similar as “buying a lottery ticket”.
Although the nominal value of the Trump-related meme coins soared to hundreds of billions, it is difficult to make that much money through the sale of the coins without affecting their value. However, they might permit Trump-controlled firms to earn huge amounts of cash because lock-up times expire in the next three or 12 months, if Trump is the US president.
The meme coin, $Melania, is promoted through MKT World LLC, a registered company in Florida that is owned by Melania Trump, whose previous surname was Knauss. The owners can offer the coin for sale by themselves within 30 days.
“The meme coins have amplified bitcoin’s momentum, with retail traders optimistic about Trump reaffirming his commitment to the crypto industry,” Bloomberg reported Ben El-Baz, the managing director of the digital asset exchange HashKey Global, as saying.
Many crypto enthusiasts welcomed their appreciation for the Trump meme coin’s launch and claimed it was symbolic of the new president’s support for a sector that was unfairly slighted from Biden administration. Biden administration. Trump has pledged to usher cryptocurrency-friendly regulations, and has also selected its advocates for important government posts.
However, it has also created fears of conflicts of interest and sparked criticism over attempts to profit personally from political positions.
Trump has released a number of cryptocurrency trading cards throughout his presidency. They earned more than $4 million for each release. The Trump’s children Eric as well as Donald Jr also launched a cryptocurrency company, World Liberty Financial, in 2024, triggering the possibility of a conflict of interests.
Donald Trump meme coin’s website contained a disclaimer that reads: “Trump memes are intended to be an expression of acceptance of and engagement with the ideals and beliefs represented by the symbol “$Trump” and the artwork that goes with it and are not intended to constitute or be the subject of the purchase of an investment option, investment agreement or security of any kind.
“GetTrumpMemes.com is not political and has nothing to do with any political campaign or any political office or governmental agency.”
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A new currency introduced by Melania smashes records for crypto
The digital currency that is backed by Melania Trump was launched on Sunday and within hours of its introduction the amount of traffic it generated across various trading platforms was amazing.
FAQs:
Have Melania Trump created the first memecoin of her own?
It’s true, Melania Trump has launched her own meme coin in the last month. It is known as $MELANIA. It is which is now available for investment.
Can I purchase the Melania’s Meme coin?
It’s true, Melania Trump’s meme-coin is now available for purchase on specific platforms.