President-elect Donald Trump's meme coin earns billions overnight

The official "meme coin," known as $TRUMP, was launched on Friday for nearly $6.50 and rose to a high of $73 on Sunday. Hours after his inauguration, it had dropped below $40. It's market cap on Monday was about $7.6 billion,

First lady Melania Trump on Sunday also launched a meme coin, $MELANIA, at nearly $7. That coin also jumped in early trading, nudging above $13 at its height, before dropping below $5.

"My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!," Trump wrote in a post on X, telling supporters to "Have Fun!"