The official meme coins launched by President-elect Donald Trump and incoming First Lady Melania Trump have accumulated tens of billions in combined market valuation over the weekend, evoking both awe and concerns from the cryptocurrency community.
What happened: The two Solana SOL/USD-based coins, namely OFFICIAL TRUMP and MELANIA, have sparked an unprecedented frenzy, running up to valuations that established corporations took years to build.
At the current price of $58.33, Trump's official coin had a fully diluted valuation of $58.34 billion, according to CoinMarketCap. Similarly, MELANIA memecoin was worth $12.73 billion.
Note that a fully diluted valuation is an asset's market value if the maximum supply is in circulation.
The combined market value of the two meme coins was $71.07 billion. To put things in perspective, it was higher than oil-producing company Occidental Petroleum Corp. OXY, which had a market value of $49.38 billion at the time of writing.
It's worth noting that the energy stock has been on the radar of veteran Wall Street investor Warren Buffett. Through a series of purchases. Buffett's firm Berkshire Hathaway has accumulated a stake of up to 29% in Occidental.
See Also: Peter Schiff Says ‘Last Night’ For Biden To Sell Some Bitcoin Before Trump Takes Over: ‘Let’s See If He Takes Advantage Of The Opportunity’
The combined market value of the Trump meme coins also surpassed some other companies in which Buffett expressed interest lately.
VeriSign Inc. VRSN, whose approximately 377,736 shares were scooped up by the conglomerate, had a market valuation of little over $20 billion as of this writing, a fraction of the Trump meme coins.
Why It Matters: The weekend meme coin frenzy comes just ahead of the presidential inauguration of Trump, who was speculated to pass several cryptocurrency-friendly executive orders on Day 1 of his tenure.
The official meme coins attracted profit-hungry traders, who found the cryptocurrencies legitimate and associated with the first family of the U.S. However, the disclaimers of the two projects clearly state no connection with any political campaign, political office, or governmental agency.
Anthony Scaramucci, a prominent cryptocurrency advocate and former White House Communications Director, labeled the launch as “Idi Amin-level corruption.”
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