The digital token $TRUMP, launched on Friday, saw its price skyrocket from less than $10 on Saturday to a peak of $74.59 before adjusting slightly on Monday. This surge in value came just ahead of Trump’s return to the White House, with trading volume hitting billions of dollars. As of Monday, the coin was trading at $46.93, giving it a market cap of $9.4bn and ranking it as the 19th largest cryptocurrency.¹
Alongside $TRUMP, Melania Trump launched her own cryptocurrency, $MELANIA, on Sunday, which quickly soared beyond $1bn in market value. 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 has raised concerns within the crypto industry, with experts questioning the ethical and regulatory implications. The broader cryptocurrency market has also been impacted, with Bitcoin surging to an all-time high of $109,071.86 in early European trading. Investors are hoping that Trump’s administration will foster a favourable environment for the crypto industry.
Source: PUNCH