Incoming first lady Melania Trump launched a crypto token of her own later Sunday President-elect Trump announced his crypto token, called the $TRUMP coin, days before returning to the Oval Office.

Melania Trump unveiled her cryptocurrency token, $MELANIA, on social media as the incoming president held a victory rally at Capital One Arena in Washington, DC on Sunday afternoon.

“The official Melania meme is live!” posted on X. “You can buy $MELANIA now.”

The token entered the market at just one penny and by Sunday evening was trading at over $10.

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The website associated with $MELANIA shows that 15% of the tokens will be available for public distribution.

But according to the Wall Street Journal, the $MELANIA token caused the $TRUMP coin to crash more than 45% before it recovered some of its value.

Trump announced the launch of $TRUMP on Friday, and in less than 24 hours, the crypto rose from a few cents to $33.87, representing a staggering price gain of over 18,000%. Like most cryptocurrenciesthe token shows volatility, though it was trading around $48 on Sunday evening, after reaching around $76 earlier in the day.

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President-elect Trump and incoming first lady Melania Trump launched crypto tokens. (GIORGIO VIERA / AFP) (Photo by GIORGIO VIERA / AFP via Getty Images / Getty Images)

Trump announced the coin’s launch on Truth Social and X at 9:45 p.m., while industry bigwigs celebrated his return to office at the inaugural Crypto Ball in Washington, D.C.

FOX Business reached out to Trump’s transition team for comment, but did not hear back.

Trump promises to be the most crypto-friendly president in history and has promised to reverse that The Biden administration the regulatory crackdown on the sector, which has resulted in many American companies moving operations abroad.

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President-elect Trump has pledged to be a crypto-friendly president. (Brett Carlsen/Bloomberg via Getty Images/Getty Images)

When news of Trump’s cryptocurrency broke on Friday, many Crypto Ball attendees were skeptical, speculating that the president-elect’s accounts had been hacked. Donald Trump, Jr., who presumably knew about the ad, was cordoned off in an exclusive VIP section. It’s unclear if he spoke to anyone there about releasing the token.

Both coins, which trade tickers TRUMP and MELANIA, are known as “meme currency,” a highly speculative type of cryptocurrency that has no inherent utility and is often created out of a joke or parody, like $PEPE , a meme of a picture of a cartoon frog that has a market cap of over $7 billion.

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Sophisticated investors tend to be wary of meme coins, not only because of their wild price swings, but because of their propensity to be associated with scammers looking to make a quick buck off exuberant investors.

Last month, social media influencer Haliey Welch, better known as the “Hawk Tuah Girl,” was sued by investors when the price of her meme coin, $HAWK, crashed just hours after her introduction, causing huge losses for investors.

Eleanor Terrett of FOX Business contributed to this report.