Donald and Melania Trump launch memecoins with billion-dollar market value

US President-elect Donald Trump and incoming First Lady Melania Trump launched their memecoins, which quickly gained traction in the market. The coin, $Trump, amassed billions of dollars within hours of its release.

The memecoin was launched while Trump prepared to assume office on Monday as the 47th President of the United States.

The latest coin was presented in the market by CIC Digital LLC, an affiliated company of the Trump Organisation, which previously sold Trump-branded shoes and fragrances.

Known for their association with viral internet trends, meme coins have gained immense popularity. According to CoinMarketCap.com, $Trump’s market capitalisation surged to nearly $14 billion shortly after its launch.

Earlier this month, CIC Digital LLC and Fight Fight Fight LLC ventured into the project, controlling 80% of the tokens.

However, it remains unclear how much profit Trump could make from this collaboration.

"My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!" Trump shared on his social media platform Truth Social as he announced the meme coin on Friday night.

CoinMarketCap.com reported that approximately 200 million digital tokens were initially issued while additional 800 million will be released in the next three years. 

"This Trump Meme celebrates a leader who doesn't back down, no matter the odds," the website said.

Meanwhile, Melania Trump’s cryptocurrency, $MELANIA, skyrocketed in value, reaching a $50 billion market cap from an initial $5 valuation. This surge caused a downturn in $Trump’s value, with the coin losing $7.5 billion and recording a 40% decline shortly after $MELANIA’s launch.

Both coins are built on the Solana blockchain, known for its speed and low transaction costs.

Cryptocurrency investors remain optimistic about the Trump administration, hoping it will provide a boost to the industry.

It is pertinent to mention here his Trump's sons Eric and Donald Jr announced their crypto venture last year.