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.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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
