Melania Trump, the incoming First Lady, has launched a cryptocurrency on the verge of her husband's inauguration as US president.
Disclaimers on both the $Trump and $Melania coins' websites stated that they were "not intended to be, or the subject of" an investment opportunity or security.
As per the CoinMarketCap website, the total market valuation of $Trump is approximately $12 billion (£9.8 billion), while $Melania's stands at about $1.7 billion.
Despite previously labeling crypto as a "scam," Trump, during the 2024 election campaign, became the first presidential candidate to accept digital assets as donations.
During the campaign, Trump pledged to establish a strategic bitcoin stockpile and appoint financial regulators with a more favorable stance towards digital assets, raising expectations of reduced regulations in the crypto industry.
Following Trump's win, Bitcoin reached a record high and is currently trading at around $107,000, as per the crypto trading platform Coinbase.
Recently, David Sacks, the incoming Artificial Intelligence (AI) and crypto tsar, hosted a "Crypto Ball" in Washington, DC.
Other cryptocurrencies, such as dogecoin - supported by prominent Trump ally Elon Musk - have also experienced significant increases this year.
Under President Joe Biden's administration, regulators have targeted fraud and money laundering concerns by taking legal action against crypto companies and exchanges.