Incoming first lady Melania Trump has launched her own cryptocurrency on the eve of her husband, President-elect Donald Trump, being inaugurated and days after he announced his own memecoin.

Incoming first lady Melania Trump has launched a cryptocurrency on the eve of her husband's inauguration as US president. The announcement comes after President-elect Donald Trump launched the $Trump cryptocurrency. Both coins have risen but have seen volatile trade.

The Trump coin was announced on Friday, the final business day before the resignation of Gary Gensler, the outgoing chairman of the Securities and Exchange Commission and an enemy of the crypto industry. Trump had vowed to replace Gensler, who announced in November he would step down at noon on Inauguration Day.

A day after the U.S. President Donald Trump launched the $TRUMP memecoin, the First Lady of the country, Melania Trump, also launched her own memecoin, $MELANIA.

Cryptocurrency exchange Coinbase Global is making an Inauguration weekend pitch, including recent meetings with the transition team to discuss executive orders related to cryptocurrency, according to people familiar with the matter.

Donald Trump’s new cryptocurrency has soared ahead of his inauguration. The $Trump token drew in billions in trading volume, giving it a market capitalization of about $12 billion.

The price of bitcoin surged to over $100,000 early Monday on the bet that Trump will take cryptocurrency industry-friendly action soon after returning to the White House.

The new business venture by the Trump family is generating intensifying criticism and ethics questions, even as it has turned into an overnight phenomenon, generating a windfall on paper.