“What’s With the Meme Coins?”: Melania Trump Faces Backlash Over Cryptocurrency Launch
OLIVER CONTRERAS/FOR THE WASHINGTON POST
Melania Trump sparked controversy on Sunday after announcing the launch of her own cryptocurrency, dubbed a “meme coin,” for investors. The announcement, made on Donald Trump’s Truth Social platform, quickly drew criticism from both supporters and critics alike.
Melania’s post was shared by Donald Trump himself, but the move caused unintended financial ripples. Reports emerged that her launch led to a 40% drop in the value of her husband’s cryptocurrency, $TRUMP, which had debuted just days earlier.
In her post, skepticism was evident among followers. A self-proclaimed “concerned citizen,” @macgillacuddy, questioned the timing and relevance of the move. “What’s with the meme coins? First Trump, now Melania… we have some major issues to deal with, and you think this is the appropriate time to sell coins?”
Even Trump-aligned figures voiced their doubts. Peter Schiff, a stockbroker and vocal Trump supporter, remarked, “First, #Trump launched $TRUMP; now Melania has launched her own coin. I assume that soon the rest of the Trump family will be launching their coins.” Still, Schiff noted, “At least it’s all above board, which is an improvement over how the #Biden family cashed in.”
Criticism also came from the broader conservative camp. Heath Mayo labeled the move a “scam,” while liberal commentators amplified concerns about its financial impact. Brian Krassenstein claimed the launch wiped out “$30 billion in paper wealth” for $TRUMP investors, adding, “This level of corruption and disregard for Americans’ trust is beyond appalling.”
Anti-Trump artist Art Candee echoed the sentiment, calling the move “astounding corruption.” Meanwhile, USC Law lecturer Ben Meiselas highlighted the irony: “Donald Trump didn’t bring peace to Ukraine as he promised, but Melania Trump just dropped her own meme coin after Donald Trump dropped his. They are making billions. Sorry about those egg prices. Hawk Tuah the moon!!!”
Investment experts also weighed in, warning potential buyers. A commentator named InvestmentKage noted, “88% of $MELANIA Meme coin [is] owned by 10 people. This is straight-up dumb. If you’re buying any of this, you are straight-up gambling.”
As both $TRUMP and $MELANIA coins face scrutiny, the cryptocurrency ventures by the Trump family are proving divisive, raising questions about timing, motives, and financial responsibility.
