Incoming first lady Melania Trump then launched a crypto token of her own on Sunday President-elect Trump Days before returning to the Oval Office, he announced his crypto token called the $TRUMP coin.

Melania Trump, attending a victory rally at Capital One Arena in Washington, DC on Sunday afternoon, launched a cryptocurrency token called $MELANIA on social media.

“Official Melania Meme Live!” he posted on X. “Now you can buy $MELANIA.”

The token entered the market for just pennies and was trading above $10 by Sunday evening.

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The website associated with $MELANIA indicates that 15% of the tokens will be available for public distribution.

But according to the Wall Street Journal, the $MELANIA token caused the $TRUMP coin to crash more than 45% before recovering some of its value.

Trump announced the launch of $TRUMP on Friday, and in less than 24 hours, the cryptocurrency rose from just a few cents to $33.87, representing a staggering price increase of over 18,000%. Like most cryptocurrenciesThe token shows volatility, although it was trading around $48 on Sunday evening, after reaching around $76 earlier in the day.

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President-elect Trump and future first lady Melania Trump have launched cryptocurrencies. (GIORGIO VIERA / AFP) (Photo by GIORGIO VIERA/AFP via Getty Images / Getty Images)

Trump announced the coin's launch at Truth Social and X at 9:45 p.m., as industry bigwigs celebrated his return to office at the first Crypto Ball. Washington, DC.

FOX Business reached out to Trump's transition team for comment, but did not hear back.

Trump promises to be the most crypto-friendly president in history and has vowed to abolish it of the Biden administration regulatory pressures on the sector, which resulted in many US companies moving their operations offshore.

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President-elect Trump has promised to be a cryptocurrency-friendly president. (Brett Carlsen/Bloomberg via Getty Images/Getty Images)

When news of Trump's cryptocurrency broke on Friday, many Crypto Ball attendees were skeptical, speculating that the president-elect's accounts had been hacked. Donald Trump Jr., presumably aware of the announcement, was sequestered in an exclusive VIP section. It is unclear if he spoke to anyone there about the token launch.

Both coins, which go by the trading tickers TRUMP and MELANIA, are known as “meme coins,” a type of highly speculative cryptocurrency that has no utility and is often created as a joke or parody, such as $PEPE, a meme. Image of a cartoon frog with a market value of over $7 billion.

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Sophisticated investors are often wary of meme coins, not just because of their price volatility, but also because of their tendency to be associated with scammers looking to make a quick buck from overzealous investors.

Last month, social media influencer Haliey Welch, known as the “Hawk Tuah Girl,” was sued by investors when the price of a meme coin called $HAWK crashed within hours of its launch, causing huge investor losses.

FOX Business' Eleanor Terrett contributed to this report.