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.
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Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
JOKE'S%20ON%20YOU
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Henrik Stenson's finishes at Abu Dhabi HSBC Championship:
2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8
West Indies v India - Third ODI
India 251-4 (50 overs)
Dhoni (78*), Rahane (72), Jadhav (40)
Cummins (2-56), Bishoo (1-38)
West Indies 158 (38.1 overs)
Mohammed (40), Powell (30), Hope (24)
Ashwin (3-28), Yadav (3-41), Pandya (2-32)
India won by 93 runs
Company%20profile
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
