Johann Kerbrat, Vice President and General Manager of Robinhood Crypto, says the company is “bullish” on “The Claman Countdown.”
New first lady Melania Trump launched her own crypto token on Sunday after President-elect Trump announced its crypto token, called $TRUMP coin, days before its return to the Oval Office.
Melania Trump revealed her cryptocurrency token, $MELANIA, on social media as the new president held a victory rally at the Capital One Arena in Washington, DC, on Sunday afternoon.
“The official Melania meme is live!” she posted on X. “You can buy $MELANIA now.”
The token entered the market for just pennies and as of Sunday evening it was trading over $10.
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The website associated with $MELANIA shows that 15% of the tokens will be available for public distribution.
But according to the Wall Street Journal, the $MELANIA token caused the $TRUMP coin to fall by more than 45% before regaining some of its value.
Trump announced the launch of $TRUMP on Friday, and in less than 24 hours, the crypto rose from pennies to $33.87, representing a staggering price gain of over 18,000%. Like most cryptocurrenciesThe token shows volatility, although on Sunday evening it was trading at around $48, after peaking at around $76 earlier in the day.
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President-elect Trump and new first lady Melania Trunp have both launched crypto tokens. (GIORGIO VIERA / AFP) (Photo by GIORGIO VIERA/AFP via Getty Images / Getty Images)
Trump announced the coin’s unveiling on Truth Social and Washington, D.C..
FOX Business reached out to the Trump transition team for comment but did not receive a response.
Trump promises to be the most pro-cryptocurrency president in history and has vowed to reverse the trend. The Biden administration regulatory crackdown on the sector, which has led many American companies to relocate their operations.
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President-elect Trump has pledged to be a crypto-friendly president. (Brett Carlsen/Bloomberg via Getty Images / Getty Images)
When news of Trump’s cryptocurrency broke Friday, many Crypto Ball attendees were skeptical, speculating that the president-elect’s accounts had been hacked. Donald Trump Jr., who presumably knew about the announcement, was cordoned off in an exclusive VIP section. It is unclear if he told anyone about the token launch.
The two coins, which bear the trading symbols TRUMP and MELANIA, are known as a “meme coin,” a highly speculative type of cryptocurrency that has no inherent utility and is often created based on a joke or a parody, like $PEPE, a meme of an image of a cartoon frog whose market capitalization exceeds $7 billion.
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Sophisticated investors are often wary of meme coins, not only because of their wild price swings, but also their propensity to be associated with scammers looking to make a quick buck from exuberant investors.
Last month, social media influencer Haliey Welch, better known as “Hawk Tuah Girl,” was sued by investors when the price of her meme coin, $HAWK, collapsed within hours after its introduction, leading to heavy losses for investors.
Eleanor Terrett of FOX Business contributed to this report.
