And just a few hours later, Donald Trump will be sworn in as the 47th President of the United States. However, before this inauguration ceremony, the future first lady of the United States, Melania Trump, launched a digital currency or cryptocurrency in her own name. He announced the launch of cryptocurrency in his name ($Melania) in a post on social media X on Sunday.
According to cryptocurrency data tracker company Coin Market Cap, the total market value of this cryptocurrency is around $2.1 billion.
Trump launched MimCoin ($Trump) in his own name on January 17. Within two days of its launch, this crypto token has become one of the most valuable digital currencies in the world. The market value of his new cryptocurrency has reached about $1,890 million. Despite the increase in the value of these two currencies, there has been volatility in the transactions.
A memecoin is a cryptocurrency created primarily for fun or humor, often inspired by internet memes or viral trends. These coins usually have no serious use cases or underlying technology. But they become popular because of support from various groups, humor or social media trends. The most popular example of a memecoin is DojiCoin, which was originally created as a parody based on the popular meme called 'Doji' with a picture of a Shiba Inu dog. Trump supporter Elon Musk promotes this coin. Hence, the value of this coin has increased rapidly since last year.
Trump has previously labeled cryptocurrencies a 'scam'. He was against cryptocurrency. But before the 2024 presidential election, Trump's attitude changed completely. At the time, he became the first presidential candidate in history to accept campaign donations in digital assets.
Recently, Trump said he sees mimcoins as an 'investment'. Regulators under President Joe Biden have filed lawsuits against exchanges accusing crypto companies of fraud and money laundering.
References: BBC