Melania Meme, which began trading Sunday evening, has hit a $1.3 billion market cap and 14% price increase since its launch. It has attracted $7.3 billion in trading volumes over the last day, compared to the Trump meme's $31 billion.
Although meme coins are considered the riskiest corner of the already risky cryptocurrency market, the Trumps' coin launches over the weekend gave traders further conviction that the incoming administration will be positive for the industry.
"The move highlights President Trump's embrace of crypto and belief that Americans should have the freedom to operate in the emerging asset class," said Joel Kruger, market strategist at LMAX.