President-elect’s $Trump coin more than halved in value before steadily recovering on Sunday

• Business live – latest updates

The incoming US first lady, Melania Trump, has followed her husband’s lead by launching a multibillion-dollar cryptocurrency meme coin, amid a rally in digital currencies as he prepares to return to the White House.

The price of the incoming president’s token, $Trump, had tripled to more than $70 (£57), giving it a total value of over $14bn shortly after its launch on Friday. However, the launch of his wife’s coin, $Melania, pared back those gains as investors piled into her rival coin.