Trump Launches $TRUMP Memecoin Ahead of Inauguration, Roils Crypto Markets

Days ahead of Trump's inauguration as President of the United States, scheduled for Monday, Jan. 20, Trump launched the $TRUMP memecoin on crypto platform Solana.

Fresh from launching the $TRUMP memecoin on crypto platform Solana, President-elect Donald Trump is now set to launch another memecoin, this time in the name of First Lady Melania Trump.

Trump announced the launch of the $MELANIA memecoin during his victory rally on Sunday, following up on the announcement of his own memecoin earlier in the week.

The announcement quickly sparked a buying frenzy for the coin, draining liquidity from nearly everything on the market, including $TRUMP.

As of this writing, $MELANIA is priced at $11.26, with a fully diluted valuation of $11.5 billion. Meanwhile, $TRUMP is valued at $58 with a fully diluted valuation of $58 billion.

This comes as the former president's $TRUMP memecoin soared to an astronomical height, reaching a price of $83 with a fully diluted valuation of $83 billion at one point.

The memecoin, which doesn't serve any particular function, was announced by Trump from his official X account on Friday, ahead of his inauguration as President of the United States on Monday, Jan. 20.

This move by Trump has been interpreted by many as a way to garner attention and capitalize on it by launching a pump-and-dump scheme, similar to the recent HAWK coin fiasco.

However, some crypto enthusiasts believe that Trump's endorsement of memecoins and crypto projects could benefit the industry in the long run.

Topics Cryptocurrency Donald Trump