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First Lady Melania Trump launched a Melania Meme coin hours before her husband, President Donald Trump, was sworn into office on Monday (January 20).
"The Official Melania Meme is live! You can buy $MELANIA now," she wrote on her X account Sunday (January 19) night.
The coin was reported to be trading at about $12.03, with a market cap of $1.9 billion early Monday morning before dropping to $5.62 at around 1:00 p.m. ET, shortly after her husband took office, according to CoinMarketCap, a website that provides information on the cryptocurrency market. The Kobiessi Letter also reported that the Melania Meme coin dropped more than 35% after her husband's inauguration speech, while the president's own coin, $TRUMP, "has now erased $7.5 billion of market cap from its recent all time high."
The Melania Memes website described the coin as "digital collectibles intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA. 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."
The meme coin is the latest venture launched by the Trump Organization during the president's successful 2024 campaign, which has also included Trump-branded sneakers, fragrances, Bibles and digital trading cards.