Melania Meme Coin Gains Traction Amidst Crypto Resurgence
The website for the Official Melania Meme indicates that it is a crypto asset created and tracked on the Solana blockchain.
Disclaimers on the websites of both the $Trump and $Melania coins state that they are "not intended to be, or the subject of" an investment opportunity or a security.
According to the CoinMarketCap website, $Trump currently has a total market valuation of about $8.7 billion, while $Melania's valuation stands at around $1.3 billion.
Former President Trump had previously described crypto as a "scam" but became the first presidential candidate during the 2024 election campaign to accept digital assets as donations.
On the campaign trail, Trump expressed intentions to create a strategic bitcoin stockpile and appoint financial regulators who would adopt a more positive stance towards digital assets.
This generated expectations that he would reduce regulations on the crypto industry.
Following Trump's election victory, bitcoin surged to a record high, currently trading at £122,000 ($140,000) according to the crypto trading platform Coinbase.
On Friday, the newly appointed artificial intelligence (AI) and crypto advisor David Sacks hosted a "Crypto Ball" in Washington, DC.
Other cryptocurrencies, such as dogecoin—supported by prominent Trump supporter Elon Musk—have also experienced significant gains this year.
Under President Joe Biden, regulators have expressed concerns regarding fraud and money laundering, leading to increased scrutiny of crypto companies through lawsuits against exchanges.
