Melania Trump Introduces New Cryptocurrency as Bitcoin Hits Record High | Science, Climate & Tech News
Melania and Donald Trump have recently unveiled their own cryptocurrencies, coinciding with Bitcoin’s surge to record levels.
The newly minted first lady introduced the “Official Melania Meme” on Sunday via a post on X.
Just a day before, Donald Trump had introduced the meme coin $Trump, proclaiming to users on his social media platform Truth Social: “It’s time to celebrate everything we stand for: WINNING!”
Despite his previous criticisms of cryptocurrency during his first term, President Trump has now embraced the digital currency movement.
On Monday morning, Bitcoin achieved a record high of $109,000 as investors anticipated that the new president would bolster the industry upon taking office.
Throughout his campaign, he assured voters that he would make swift moves to establish the US as the “crypto capital” of the globe.
He also proposed a US cryptocurrency reserve, aimed at fostering industry-friendly regulations and appointing a crypto “czar” for his administration.
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“You’re going to be very happy with me,” Trump assured crypto enthusiasts at a Bitcoin conference last summer.
Moreover, he was the first presidential candidate to accept campaign contributions in cryptocurrency and is collaborating closely with Elon Musk, a well-known crypto advocate.
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Nonetheless, the president has faced backlash regarding his new coin.
“Trump having 80 percent ownership and timing its launch just before inauguration is exploitative, and many may end up getting hurt by it,” stated crypto venture capitalist Nick Tomaino on social media.
“Trump ought to be distributing to the people instead of enriching himself or his associates.”
However, Tomaino conceded that President Trump’s inauguration is overall a “net positive” for the cryptocurrency realm.
“The shift in vibe from the Biden’s anti-crypto era to the Trump administration is a positive change.”
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Meme coins often exist as volatile elements of the cryptocurrency market that originate as jokes and lack intrinsic value, yet if there is buyer interest, they can skyrocket in price.
President Trump’s coin saw its price triple to over $70 (£57) following its launch, valuing it at over $14 billion; however, the introduction of $MELANIA briefly caused a decline in $TRUMP’s value.
Mr. Trump’s coin has since regained much of its value and is currently priced around $53 (£43).
$MELANIA is trading at approximately $11 (£9).
