US President Donald Trump's new cryptocurrency memecoin soared to a market value of more than $10 billion following his inauguration on Monday, but slid below $7 billion on Tuesday.
Launched on Friday night, the $TRUMP memecoin surged in value from less than $10 on Saturday morning to as high as $74.59 before giving up some of its gains on Monday. The token was last trading at $33.38, according to cryptocurrency price tracker CoinMarketCap.
First lady Melania Trump's crypto memecoin, $MELANIA, recorded a drop in market cap to $735 million from $2 billion and was trading at $3.91.
Bitcoin, the world's largest cryptocurrency, hit a record of $109,071 on Mr Trump's inauguration day, but later pared those gains and was last trading at $101,847 at 9.30am UAE time on Tuesday.
The digital assets soared as the market was expecting an executive order supporting its growth, but Mr Trump instead focused on topics such as immigration, trade, energy and TikTok.
The website for the $MELANIA token, which was announced on Sunday, said it was not supposed to be an investment opportunity or security. “Melania memes are digital collectibles intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA,” it added.
“Melania Memes are intended for collecting and entertainment purposes only. They are not financial instruments or investments. Always do your own research and never invest more than you can afford to lose.”
“The official Melania meme is live!” Ms Trump said on X. “You can buy $MELANIA now.”
A memecoin is a cryptocurrency that is, by default, not intended to be taken seriously. Coinbase describes them as tokens inspired by internet memes or trends, “typically supported by enthusiastic online communities … generally intended to be light-hearted and fun”.
Memecoins are typically characterised by their volatile tendencies. But despite their inherent risk, memecoins have grabbed attention because of their potential for high returns and their “role in digital culture”, Coinbase added.
The most famous memecoin is Dogecoin, the token with a logo that resembles a Japanese shiba inu. It was made famous by Tesla chief executive and Trump ally Elon Musk.
There are more than 3,700 memecoins, CoinMarketCap said, some with amusing names. Among the top performing memecoins are HarryPotterObamaSonic10Inu, Catgirl, Jesus Coin, Pooh, Doge Eat Doge, Elon, Super Trump Coin and Maga, whose unit is “Trump”.
The website associated with $MELANIA shows 15 per cent of the tokens will be available for public distribution. Melania Memes are minted on the Solana blockchain network.
Users can buy Melania memes through the official website, using either a debit card or cryptocurrency. They can also find a reliable centralised exchange where the coin is listed, such Binance and CoinMarketCap. Or people can use a decentralised exchange that supports the blockchain to buy the Melania coin.
The launch of $MELANIA briefly tanked her husband’s meme coin, $TRUMP, by as much as 50 per cent before it regained some of its value. The coin launched by Mr Trump on his Truth Social platform attracted billions of dollars of trading volume.
Trading under the “Trump” ticker on the Solana blockchain, the token’s market value surged to $15 billion at the weekend, data from CoinMarketCap showed, after the Republican leader touted it on his social media accounts on Friday.
The website for the US President's token described it as the “only official Trump meme”. The project’s art features an illustration of Mr Trump with a fist in the air.
The small print on the website states that the token is not intended to be an “investment opportunity, investment contract, or security of any type”.
Major exchanges including Coinbase, Binance and Kraken said at the weekend that they intended to list the token on their platforms.
About 80 per cent of the tokens will be held by CIC Digital, which is affiliated with the Trump Organisation, and a CIC co-owned business called Fight Fight Fight, the token’s website said.
The tokens held by insiders will start to be unlocked for sale over the next three to 12 months and will available to be sold during Mr Trump’s four-year term in the White House.
Mr Trump was once a crypto sceptic. In his first term, he derided Bitcoin and its peers as “not money”, “based on thin air” and something that “can facilitate unlawful behaviour, including drug trade and other illegal activity”. He also described it a scam after he left office in 2021.
In the months before and after his election, he said he was considering an executive order designating cryptocurrencies as a “national priority”.
The number of new memecoins and their value have jumped since Mr Trump’s election victory in November. Industry executives are hoping the incoming administration will adopt a friendlier approach to crypto assets.
Along with his sons, Mr Trump has also endorsed World Liberty Financial, a crypto venture set up by his longtime business partners and others.
On Saturday, Mr Trump’s son Eric described the $TRUMP coin as “the hottest digital meme on Earth” and said World Liberty was “just getting started”. He said at the Bitcoin Mena conference in Abu Dhabi last month that Bitcoin would hit $1 million and the administration “will fight like hell” to keep the crypto momentum going.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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