Truly a family. Following the birth of the official token of the world’s first President, the token of the world’s first First Lady also arrives.
On January 17, local time, three days before he was sworn in as President of the United States, Trump’s personal memecoin “$TRUMP” instantly detonated the market, and its market value soared by billions of dollars overnight.
"Now anyone in the world can deposit money into the bank account of the President of the United States with a few clicks of a mouse." Anthony Scaramucci, former Trump White House communications director, said on social media X.
Seeing the hot start of "Trump Coin", Melania, who is about to become the first lady of the United States again, also took advantage of the opportunity to launch her own meme currency-"Melania Coin ($MELANIA)". Later on the 19th, she posted on social media
The “Official Melania Meme Token” website says it is a crypto asset created and tracked on the Solana blockchain.
Melania, who is about to become the first lady of the United States, announced the issuance of "Melania Coin" on the X platform
However, the Trump family's rush to invest in the cryptocurrency industry has caused many concerns.
A former White House official warned that after Trump invested in the cryptocurrency industry, there was an "extremely serious conflict of interest" between the benefits he was trying to obtain and his responsibility to regulate the industry. It may also be suspected of violating the constitution if a foreign government increases Trump's wealth by buying this currency. One industry lobbyist even said, “This is a terrible sight for an industry (cryptocurrency) that is already trying to prove that it is not a bunch of liars, fraudsters and fraudsters.”
The so-called "meme coin" is a digital currency created based on popular memes in Internet culture. "Dogecoin" based on the Shiba Inu "Doge" emoticon package is one of the most famous meme coins. Meme coins have no actual economic or transaction value and are usually regarded as a speculative trading tool. However, they are topical and can attract public attention, and have great spread on social media.
With the influx of traders, "Melania Coin" rushed to a market value of US$6 billion in less than two hours after its release. On the other hand, other currencies suffered plummeting due to investors selling assets. For example, "Trump Coin" once plummeted 40% in one hour.
"Melania Coin" (Part 1) and "Trump Coin" trend on the 19th Digital currency trading platform Coinmarketcap
As of 5 a.m. local time on the 20th, "Melania Coin" had risen to $10.37, and its fully diluted market value (FDV) market value had exceeded $10.3 billion. "Trump Coin" had reached $57.27, down 23.4% from its highest point of $74.77, and its FDV market value exceeded $57.2 billion.
“This is crazy!” an analyst at The Kobeissi Letter, a crypto industry watchdog, lamented on
Another big X blogger, Mario Nawfal, described that cryptocurrency seems to be turning into a family business.
Cryptocurrencies have been the subject of U.S. government investigations during the Biden administration, following a series of high-profile fraud cases, such as the bankruptcy of the FTX exchange. In recent years, federal agencies such as the U.S. Securities and Exchange Commission have filed more than 100 enforcement actions against the industry, and strict controls from bank regulators have also made it difficult for cryptocurrency companies to cooperate with financial institutions.
Behind the Trump family’s cryptocurrency craze is their policy support for the encryption industry. but. Trump himself has undergone a sharp shift in his attitude toward cryptocurrencies.
The British Broadcasting Corporation (BBC) noted that Trump had previously called cryptocurrency a “scam”, but during the 2024 campaign, he became the first presidential candidate to accept digital asset donations. Trump also said during the campaign that he would build a strategic Bitcoin stockpile and appoint financial regulators to take a more active stance on digital assets.
This has fueled expectations that he will deregulate the cryptocurrency industry.
Following Trump's victory, Bitcoin jumped to a record high and is currently trading at $140,000, according to cryptocurrency trading platform Coinbase.
Many US media predict that Trump will issue new policy directives as early as Monday (20th), which may relax cryptocurrency regulations and cause the price of Bitcoin and other assets to surge.
Trump Coin official website
A number of cryptocurrency companies, including Coinbase and Ripple, have donated to Trump's inaugural committee in recent months.
Just last Friday (17th), the incoming “Artificial Intelligence (AI) and Cryptocurrency Czar” David Sacks held an “(Trump) Inaugural Cryptocurrency Ball” in Washington, D.C., to express his support for Trump. According to Trump's description of Sachs's "position," Sachs will guide U.S. government policy on artificial intelligence and cryptocurrency. In addition, he will also lead the President's Council of Advisors on Science and Technology.
Other cryptocurrencies, including dogecoin, promoted by high-profile Trump supporter Elon Musk, have also surged this year.
It is worth noting that despite the impressive short-term performance of the currencies launched by the Trumps, the high volatility and speculative nature of the cryptocurrency market cannot be ignored. The Kobeissi Letter warns that this crazy market behavior may bring huge risks. Investors should be cautious about such meme coins to avoid losses due to blindly following the trend.
The Washington Post stated on the 19th that on the surface, "Trump Coin" may have brought potential billions of dollars of wealth to Trump's business. Just hours before he was about to start a term, he promised to turn the United States into the "crypto capital of the earth."
TrumpCoin buyers receive what is essentially a digital playing card, the purchase of which symbolizes support for Trump rather than an investment opportunity or political donation. Disclaimers on the Trump Coin and Melania Coin websites also say they are "not intended to be, or the subject of," an investment opportunity or security.
Jordan Libowitz is senior vice president of the nonprofit Citizens for Responsibility and Ethics in Washington (CREW), which specializes in cryptocurrency. He said that this virtual currency reflects Trump's efforts to "use all government means at his disposal to enrich himself."
Norman Eisen, a former White House ethics adviser during the Obama administration, called this "probably the most serious" of all the conflicts of interest facing the businessman-turned-president.
"As he launches a new, multi-billion-dollar mega-business project in the booming cryptocurrency industry, there is an extremely serious conflict of interest between the benefits he is trying to reap and his responsibility to regulate the industry, which now includes himself," Eisen said. "This may be the most serious single conflict of interest in modern presidential history."
Eisen also pointed out that foreign governments may buy the virtual currency, driving up its value and thus increasing Trump's wealth, which would violate the foreign emoluments clause of the Constitution.
Allison warned: “Cryptocurrency should thrive but should also be properly regulated. Without regulation, it could be abused for money laundering, tax evasion and the financing of terrorism.”
The American "Politician" News Network believes that the launch of new products is a clear signal that Trump and his family are unwilling to give up new business opportunities even during the Trump administration, and this area may directly benefit from the policies introduced by the Trump-led administration or the Republican-controlled Congress. Trump promised before his first term that "no new business" would be launched during his administration. But now, his eldest sons, Donald Trump Jr. and Eric Trump, are starting their own cryptocurrency company, World Liberty Financial.
"It's terrible." A Washington lobbyist who requested anonymity said anxiously. "It's a terrible sight for an industry (cryptocurrency) that is already trying to prove that it is not a bunch of liars, scammers and fraudsters."
Cryptocurrencies have become a target of criticism from Democrats. Rep. Sean Casten, a Democratic critic of cryptocurrencies on the House Financial Services Committee, said Trump "continues to show that he will not stop amassing money, even if it harms his supporters and his morals."
