Trump's Cryptocurrency Meme Coins: What You Need to Know About $TRUMP and $MELANIA

President Trump has recently launched his own cryptocurrency, a meme coin called $TRUMP, which has experienced significant fluctuations in value since its debut. The coin started at nearly $6.50, surged to a high of $73, and then dropped to below $40 shortly after his inauguration, boasting a market cap of approximately $7.6 billion according to CoinGecko.

First Lady Melania Trump has also launched her own meme coin, $MELANIA, which started at around $7 and peaked above $13 before falling below $5. Trump promoted his coin on social media, urging supporters to "Have Fun!" as he celebrated the launch.

What is a Meme Coin?

A meme coin is a cryptocurrency inspired by internet memes, with Dogecoin being one of the most famous examples. These coins are often volatile and have been associated with scams and fraud in the past. Trump's coin is marketed with a powerful image of him alongside the words "FIGHT FIGHT FIGHT," symbolizing his resilience after an assassination attempt.

What is Crypto's Future Under Trump?

Historically, Trump has been critical of cryptocurrencies, labeling them a scam. However, he has shifted his stance, promising to make the U.S. the crypto capital of the planet. He has appointed Paul Atkins, a pro-crypto former SEC commissioner, to lead the SEC, raising concerns about potential conflicts of interest.

There is speculation about how a Republican-controlled Congress might influence cryptocurrency regulations, with some members advocating for a more supportive environment. However, experts express skepticism about the necessity of regulation in the crypto space. Preston Byrne, a cryptocurrency lawyer, warns that Trump's political future could be tied to the success of his meme coin, adding an extra layer of risk.

NPR's Rafael Nam and Joe Hernandez contributed to this report.