On Donald Trump’s first day as U.S. president, Melania Trump’s memecoin, $MELANIA, stole the spotlight with an almost 40% surge in value over 24 hours. According to Coingecko data, the memecoin peaked at just over $13 before dropping to around $10.60. The memecoin’s traded volume skyrocketed from $1.33 billion on Jan. 19 to $6.6 billion by Jan. 20. Its market capitalization reached $1.54 billion, landing it among the top 100 crypto assets.
In contrast, Trump’s memecoin, $TRUMP, fell over 17% before his inauguration. However, its trading volume exceeded $47 billion, making it one of the most traded crypto assets on the day of Trump’s inauguration. On the same day, the TRUMP memecoin ranked among the top 20 crypto assets, with a market capitalization of $11.1 billion.
The launch of the two memecoins has sparked controversy, even among Trump’s supporters with some calling for the ouster of individuals who endorsed the launch of Melania’s token. His opponents also accuse him of using his position for personal gain and this at the expense of his supporters.
Meanwhile, Zack Guzmán, founder of community-owned Coinage Media, speculated that Trump’s launch of memecoins hours before inauguration was an attempt to pre-empt another impeachment. In a post on X, Guzmán pointed to the complex processes the incoming U.S. president and his wife have adopted to shield themselves from accusations of using the presidency for personal gain. Guzmán added:
As complicated as this will become, one thing is certain: It’s less complicated for them to launch these before he officially becomes president. Claiming Trump is profiting from the presidency and violating the Emoluments Clause would have been easier if not.
In a later post, Guzmán warned that Trump’s memecoin launch will likely encourage celebrities to follow suit. He argued that this trend will perpetuate the notion that crypto is a frivolous space.
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