Trump promotes new meme coin before taking office on pro-crypto agenda

Even as Donald Trump is set to take charge as the 47th President of the US on Monday, cryptocurrency prices have risen sharply in the recent past days with the meme coins gaining special attention. The latest in the crypto league are $TRUMP and $MELANIA (after the name of Donald Trump and his wife Melania Trump, respectively), launched last week.

Soon after the launch on Friday on January 17, the price of “official" Trump memecoin #TRUMP surged and placed the memecoin in the top-20 cryptos by market capitalisation with the total valuation of $14 billion.

However, as soon as his wife Melania Trump’s rival cryptocurrency $MELANIA was launched on January 20, $TRUMP tumbled nearly 40 per cent to $44.82 from $74.06 in less than 24 hours.