Since then, it has recovered some of those losses and was trading around USD 60 early Monday while $MELANIA was trading just over USD 12 early Monday, according to CoinGecko.
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$TRUMP is the first cryptocurrency which has been supported by the President-elect, who once said that bitcoin was "based on thin air".
In a social media post on Sunday, Melania Trump launched her cryptocurrency $MELANIA, tanking her husband's cryptocurrency $TRUMP, which was launched two days ago.
In a post on X, Melania Trump wrote, "The Official Melania Meme is live! You can buy $MELANIA now. "
Meme coins are a type of highly volatile cryptocurrency inspired by popular internet memes and carry no intrinsic value. However, its price can rise or reduce.
In a post shared on X on Friday, Trump wrote, "My new official Trump meme is here! It's time to celebrate everything we stand for: winning! Join my very special Trump community. Get your $TRUMP now. Go to Have fun!"
In July 2024, Trump delivered remarks at crypto's largest convention and has also appointed Howard Lutnick, who supports the cryptocurrency company Tether, to run the US Commerce Department. Lutnick is among other crypto enthusiasts appointed in Trump's administration.
According to CoinMarketCap, the Trump's coin market capitalisation, which is based on the 200 million coins circulating, is capped at USD 13 billion. There will be 1 billion Trump coins over the next three years, according to information on meme coin's website.
Both $MELANIA and $TRUMP's websites have disclaimers mentioning that the coins are "intended to function as a support for, and engagement with" the values of their respective brands and "are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type".
According to the website, the meme coin is not politically affiliated. However, 80 per cent of the coin's supply is held by Trump Organisation-affiliate CIC Digital and Fight Fight Fight LLC. The two are subject to a three-year unlocking schedule, which implies that they will not able to sell all of their holdings at once.
The $TRUMP coin's website says it is "the only official Trump meme".
"Now, you can get your piece of history. This Trump meme celebrates a leader who doesn't back down, no matter the odds," reads a statement on the site.