Melania Trump launches her own cryptocurrency

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Incoming US First Lady Melania Trump introduced a new cryptocurrency the day before her husband's inauguration as America's president.

Both coins have increased in value, but their trading activity has been unpredictable and subject to sudden fluctuations.

on Sunday.

It is a crypto asset created and tracked on the Solana blockchain.

The websites of the Trump and Melania coins stated that these coins "were not meant to be, or subject to being considered" as an investment opportunity or a security.

According to the CoinMarketCap website, Trump currently has a total market valuation of about $8.7 billion, while Melania's stands at around $1.3 billion.

Trump previously referred to cryptocurrency as a "scam," but he became the first presidential candidate in the 2024 election campaign to accept digital assets as campaign donations.

On the campaign trail, Trump also said he would create a strategic store of bitcoin and choose financial regulators that take a more positive view of digital assets.

The appointment led to speculation that he would ease restrictions on the cryptocurrency industry.

In the aftermath of Trump's win, the price of bitcoin soared to an all-time high, currently trading at $140,000 in US dollars (£122,000), as reported by the cryptocurrency trading platform Coinbase.

On Friday, the incoming advisor to implications on AI and cryptocurrency, David Sacks, hosted a "Crypto Ball" in Washington, D.C.

Other cryptocurrencies, including dogecoin - which has been supported by prominent supporters of former US President Donald Trump, such as Elon Musk - have also risen sharply this year.

Under President Joe Biden, regulators voiced concerns about fraud and money laundering while taking action against crypto companies, suing exchanges as a result.