Former U.S. First Lady Melania Trump has launched her own cryptocurrency called $MELANIA, shortly after her husband, Donald Trump, introduced his $TRUMP meme coin, according to CNN.

In a social media announcement on Sunday, Melania unveiled her digital currency, stating, “The Official Melania Meme is live! You can buy $MELANIA now. https://melaniameme.com.” Donald Trump's cryptocurrency, which had been trading high since its debut two days prior, had a decline in value at the time of the launch. Meme coins are cryptocurrencies inspired by internet culture, known for their unpredictable prices and lack of real-world value. Their value often changes wildly, but they become popular thanks to strong community support and trends.

Having earlier denounced Bitcoin as being "based on thin air," Donald Trump had welcomed meme currencies with the launch of $TRUMP. In his launch post on Friday, Trump declared, “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 http://gettrumpmemes.com — Have Fun!” On the Solana blockchain, $TRUMP and $MELANIA are both trading. The value of $TRUMP first surged, hitting over USD 70 by Sunday afternoon, but after Melania's launch, it dropped to USD 40. Early Monday saw $TRUMP bounce back to almost USD 60, while CoinGecko showed $MELANIA trading at slightly over USD 12.

The Trump coin has become popular in the cryptocurrency market, with a circulating supply of 200 million coins and a market value of USD 13 billion, as per CoinMarketCap. Over the next three years, the total supply of $TRUMP is expected to increase to 1 billion coins. Both cryptocurrency websites explain that these coins are designed to reflect and promote their respective brands' values, not as traditional investment tools. They also clarify that the coins have no political affiliations. However, 80% of the $TRUMP coin supply is controlled by Trump Organisation-linked entities, CIC Digital and Fight Fight Fight LLC. These entities are subject to a three-year unlocking schedule, which prevents them from selling their entire holdings at once.

As "the only official Trump meme," the $TRUMP website markets the currency as a celebration of a leader who "doesn't back down, no matter the odds." Melania Trump's entry into the cryptocurrency space, meanwhile, gives the meme coin market a competitive edge as both compete for users' attention and interaction. Donald Trump has significantly changed his view on cryptocurrency. In July 2024, he spoke at the largest crypto convention and chose Howard Lutnick, a strong supporter of cryptocurrency and Tether, to head the US Commerce Department. This decision highlights the former president's increasing support for the digital asset industry.