Melania Trump has sparked widespread criticism after announcing her own meme coin on social media just before her husband’s inauguration as the 47th president of the United States.
On Sunday, Melania took to Twitter (X) to declare, "The Official Melania Meme is live! You can buy $MELANIA now." The timing of her announcement has raised eyebrows among political commentators and social media users alike, who quickly labeled her as a "shameless grifter." This backlash coincides with Donald Trump’s own venture, where he introduced his meme coin, "$TRUMP," days earlier.
The coin, marketed as "fungible crypto assets created and tracked on the Solana blockchain," aims to capitalize on the burgeoning meme coin market, known for its unpredictability. Meme coins often emerge from humor and social media trends, and they can either plummet or skyrocket based on popularity. Notably, Dogecoin, which features the iconic dog mascot, has turned from joke to one of the most recognizable cryptocurrencies.
Criticism took to social media immediately after the announcement, with one user questioning, "This is what you do hours before the inauguration? You're a shameless grifter just like your husband." Others chimed in, mocking the situation, as one wrote, "Your husband's coin lost 1/3 of its m cap immediately after your initial post lol." Such remarks underline the public’s low tolerance for perceived opportunism, especially during significant political moments.
Donald Trump’s promotional message on $TRUMP also attempted to pitch the coin as part of his ‘winning’ legacy. He announced on Truth Social, "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." This dual approach appears to be part of the Trump family's larger strategy to integrate cryptocurrency within their political campaign as well as their business ventures.
A major player behind the management and trading of these meme coins is CIC Digital, which operates as part of the Trump Organization. The company reportedly retains 80% of the Trump meme coins, aiming to secure trading revenues from the speculative brisk market. This setup clarifies their intentions of not only embracing cryptocurrency but maximizing profits generated through these digital assets.
While the Trump team has shifted their stance on cryptocurrency, having previously dubbed it "a scam," they have since taken advantage of its popularity, especially amid the current cryptocurrency boom. Trump now promotes his acceptance of digital currency, paving the way for donations to his campaign through crypto, facilitated by Coinbase Commerce.
Beyond the individual launches, it's clear the Trump family is capitalizing on the crypto frenzy spurred by previous elections, as seen by the heavy investments from the crypto industry during the last presidential run. With Trump's inauguration ceremonies set to take place at Capital One Arena due to weather conditions, the choice of platform seems to be fitting considering the weather limitations. Trump tweeted, "I have ordered the inauguration address, in addition to prayers and other speeches, to be delivered in the United States Capitol Rotunda, as was used by Ronald Reagan in 1985, also because of very cold weather."
This whole scenario brings forth overarching themes of opportunism, as the Trumps combine political aspirations with business ventures, all the meanwhile inviting heated scrutiny of their actions. The controversial roll-out of their respective meme coins reflects strategic timing aimed at penetrating the digital currency market, which is increasingly en vogue among investors. With their fingers still firmly on the pulse of social media, the public and media alike remain ever-watchful for any additional antics from the Trump family as they navigate the intertwined worlds of politics and profit.