WASHINGTON — Melania Trump launched her own cryptocurrency token days after President-elect Donald Trump launched a meme coin of his own.
The incoming first lady launched the meme coin with posts on her social media accounts on Sunday while her husband’s rally was underway in Washington.
Meme coins are a strange and highly volatile corner of the crypto industry that often start as a joke with no real value but can surge in price if enough people are willing to buy them. Dogecoin, the cryptocurrency whose mascot is a super-cute dog that muses things like “much wow,” is perhaps the most well known. Meme coins can be used by scammers looking to make a quick fortune at the expense of unwary investors.
The Trump meme coins started selling for $10 each before soaring to as high as about $70 as of Sunday morning. It fell sharply later Sunday after Trump and his wife, Melania Trump, posted about a meme coin for her. The Melania coin was trading for around $5 Sunday afternoon.
In promoting his own meme coin, Trump told supporters to “Have Fun!” The website selling the tokens says they are meant as expressions of support and not an investment opportunity.
Some crypto enthusiasts hailed the Trump meme coin’s release, saying it’s symbolic of the incoming president’s support for an industry that felt unfairly targeted by the Biden administration. Trump has promised to usher in crypto-friendly regulations and picked crypto cheerleaders for key government positions.
Critics said the Trump meme coin could be a dangerous way for special interests and foreign governments to try and buy influence with the president.