Gokhan Ergocun
20 January 2025•Update: 20 January 2025
ISTANBUL
While Bitcoin hit historic highs on Monday ahead of the US presidential inauguration of Donald Trump, who has become a bitcoin booster, meme coins named after the incoming president and his wife have also soared in value.
The TRUMP coin, released on Jan. 18, hovered between $38 and $75 over the last 24 hours and gained 700% in two days.
TRUMP's market cap is at around $11 billion while the 24-hour volume is at $47.4 billion.
Another meme coin, MELANIA, announced by incoming first lady Melania Trump 12 hours ago, also rose 50% to $11.
MELANIA's market cap is at $2.13 billion and transaction volume is at $4.55 billion.
It is highly unusual, if not unprecedented, for an incoming US president’s family to sell products, but Trump – outside the presidency – has made the news by hawking such products as Bibles, non-fungible tokens (NFTs), and sneakers.
After Trump's win in the November elections, markets have expected positive developments for cryptocurrencies, as he pledged the US will be the “crypto capital” of the planet.
"If crypto is going to define the future, I want it mined, minted and made in the USA. It is not going to be made anywhere else," Trump said last July.
