Crypto markets have been rocked by the launch of an "official" Donald Trump memecoin this weekend—with traders braced for more mayhem this coming week.

The price of the "official" Trump memecoin has surged since its Friday evening launch, breaking into the crypto top 20 by market capitalization and hitting an eye-watering $14 billion.

Trump's wife Melania has launched her own rival cryptocurrency—tanking the price of Trump's coin.

"The official Melania meme is live," the incoming first lady of the U.S. posted to X, alongside a link to a website selling the cryptocurrency. "You can buy $melania now."

The price of Melania's coin surged as traders rushed to buy it, pushing it to more than $5 and giving it a fully diluted market cap of over $5 billion.

Like Trump's coin, Melania's memecoin—a type of cryptocurrency similar to bitcoin that derives value from the level of community interest and engagement—has been launched on the solana blockchain.

"This is beyond insane," analysts at The Kobeissi Letter posted to X. "Less than 48 hours ago, Donald Trump launched $trump which just erased $7.5 billion in market cap in 10 minutes. In the minutes around the launch of Melania Trump's token, we saw massive sell orders in $trump."

"Looks like crypto is becoming a family business," X influencer Mario Nawfal posted.

Following the launch of Melania's coin, Trump's memecoin crashed by around 40%, diving as traders scrambled to buy the new coin, according to on-chain data.

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Early buyers of Trump's coin have seen triple-digit percentage increases since Friday evening with some traders missing out because they believed Trump's social media channels had been hacked.

The Trump family memecoin blitz comes after David Sacks, named crypto and artificial intelligence czar by Trump, declared a new age of U.S. crypto innovation.

"The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun," Sacks said, speaking on Friday at the so-called crypto ball event, intended to drive support for Trump among the crypto community and demonstrate its value to the incoming administration.