Melania Trump launched her cryptocurrency on Sunday evening of her husband’s presidential inauguration, just one day after her own currency was launched – which is causing concern among crypto industry watchers.

“Official Melania Meme is alive! You can buy $MELANIA now,” the incoming first lady. wrote on X.

Donald Trump launched his own meme currency, $TRUMP, Wednesdayreferred to by the images of the assassination attempt in July.

The $TRUMP coin was up nearly $11 billion in market value Monday morning, According to The crypto data platform CoinMarketCap, which can raise its capital in the billions. $MELANIA, meanwhile, had a net worth of $1.7 billion a few hours before the launch.

About 80 percent of Trump’s money tokens are owned by CIC Digital, a Trump business affiliate, and another group called Fight, Fight, Fight, according to its website. It says the money is “an expression of support for, and participation in, the ideas and beliefs that carry the ‘$TRUMP’ symbol,” and is not a currency or security.

The introduction of the currency caused surprise and concern even among those in the cryptocurrency industry, some of whom criticized the Trumps. again taking advantage of his leadership by starting a profitable business that he and his family can profit from.

“Even if I try to dismiss this as another Trump show, the introduction of the Trump token opens up a Pandora’s box of ethical and legal questions,” said Justin D’Anethan, an independent crypto analyst in Hong Kong.

“Should noble people, especially those with such politics, have to use such methods in speculative markets? That is a question that the authorities cannot ignore,” he said.

Anthony Scaramucci, Trump’s former White House chief of staff and frequent critic, is also explosion the X movement.

“Now anyone in the world can deposit money into the bank account of the President of the USA with a few clicks. Everything political, corporate or private – is for sale in the open,” he wrote.

Trump is an ardent supporter of crypto

Cryptocurrencies are a type of digital currency that can be used to pay for things online, and meme currency – usually volatile – is a type of crypto that is often driven by internet jokes.

Bitcoin, one of the most popular cryptocurrencies, rose after Trump’s election victory. It also performed well before the launch, jumping more than 10 percent so far this month.

The incoming president has been an active supporter of crypto, hinting on the campaign trail that he would set up a Bitcoin database, and many are working in crypto in hopes of doing so. return policy about new business.

Trump appointed venture capitalist David O. Sacks as the country’s first crypto czar, and became the first presidential candidate to accept crypto as a legal way to donate to his campaign.

Bloomberg reports that Trump may use an executive order to designate cryptocurrency as a “worldwide priority” after his inauguration on Monday. They also have strong support from companies, with crypto companies such as Ripple, Robinhood and Coinbase after giving to his first fund.

But the president-elect has not been hot on digital issues: Trump previously called Bitcoin a “fraud” in 2021, complaining that it competes with the value of the US dollar.