The digital token, known as $TRUMP, which launched on Friday, saw its price jump from less than $10 on Saturday to a peak of $74.59 before adjusting slightly on Monday.
According to Reuters, the surge in $TRUMP’s value came just ahead of Trump’s return to the White House. The token’s rise drew attention, with trading volume hitting billions of dollars. As of 1345 GMT, the coin was trading at $46.93, giving it a market cap of $9.4bn, according to CoinMarketCap. The token ranked as the 19th largest cryptocurrency, with 24-hour trading volume exceeding $41bn.
Alongside $TRUMP, Melania Trump launched her own cryptocurrency, $MELANIA, on Sunday. $MELANIA’s market value quickly soared beyond $1bn.
The Trump Organisation confirmed that most of the $TRUMP tokens are owned by CIC Digital, a Trump-affiliated company, and Fight, Fight, Fight, another entity related to the president’s business. The coins are described as a symbol of support for Trump’s ideals and are not intended as investments or securities.
The launch of these cryptocurrencies raised concerns within the crypto industry, with experts questioning the ethical and regulatory implications. “While it’s tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora’s box of ethical and regulatory questions,” said Justin D’Anethan, a Hong Kong-based independent crypto analyst.
In the broader cryptocurrency market, Bitcoin also surged, hitting an all-time high of $109,071.86 in early European trading before settling around $107,600. Bitcoin has increased more than 10 per cent this month, and the excitement surrounding $TRUMP and $MELANIA contributed to the overall rally.
The developments come as Trump prepares for his second term in office, with investors hoping that his administration will foster a favourable environment for the crypto industry.
The PUNCH reports that on the eve of her husband Donald Trump’s inauguration as the 47th President of the United States, Melania Trump announced the launch of her own cryptocurrency, $MELANIA.
Similarly, President Trump has launched a meme coin named $TRUMP. The coin, unveiled on January 17, has taken the digital asset market by storm, recording a staggering 236 per cent increase in value within just 24 hours. Its market capitalisation now exceeds $14 bn, with each coin priced at $69.79 as of Sunday afternoon, around 2:50 p.m. Nigerian time, PUNCH Online reports.
