Jan. 20 (UPI) — Incoming first lady Melania Trump has launched her own cryptocurrency on the eve of her husband, President-elect Donald Trump, being inaugurated and days after he announced his own memecoin.
A memcoin is a cryptocurrency inspired by Internet memes, characters or trends, according to cryptocurrency exchange Coinbase, which said such currencies are often propped up by online supporters and are generally intended for entertainment.
Melania Trump announced her cryptocurrency in a social media post.
“The Official Melania Meme is Live,” she said. “You can buy $MELANIA now.”
The announcement follows Donald Trump on Friday announcing his $TRUMP memecoin.
“It’s time to celebrate everything we stand for: WINNING,” the incoming-president said in a post published to social media platforms, including his own Truth Social. “Join my very special Trump Community.”
Both websites attached to the coins state they each are “digital collectibles intended to function as an expression of support for and engagement with” the values connected with the brands MELANIA and $TRUMP.
Both also state that they are not intended to be an investment opportunity or security.
After Trump announced his memecoin on Friday, it was condemned by ethics lawyers who accused the incoming president of profiteering from his position in the White House.
“It is literally cashing in on the presidency — creating a financial instrument so people can transfer money to the president’s family in connection with his office,” Campaign Legal Center Executive Director Adav Noti told The New York TImes.
“It is beyond unprecedented.”
Despite previously being a skeptic of cryptocurrency, Trump and his family embraced the digital currency during his 2024 campaign, and he is now ushering in what some analysts have described as a crypto-friendly Cabinet.
Early last month, Trump named venture capitalist and Elon Musk associate David Sacks to be his so-called artificial intelligence and crypto czar.