Donald Trump’s newly-created cryptocurrency, meme coin, soared on Monday, January 20, 2025, to nearly $12 billion in market value, while bitcoin hit a record high just hours ahead of the United States President-elect’s return to the White House.
Launched on Friday, January 17, Trump’s meme coin, also known as $TRUMP, surged to $58.56 at 0820 GMT on Monday, giving it a market capitalisaton of about $11.7 billion, according to CoinMarketCap, which ranked it as the 18th biggest cryptocurrency.
Its 24-hour trading volume reached $52.5 billion.
On Friday, Trump launched the digital token with branding, including an image from his attempted assassination in July, expanding his cryptocurrency interests, which already include World Liberty Financial.
Of the total number of tokens, 80% are owned by CIC Digital LLC, which is an affiliate of Trump’s business The Trump Organization, and another business called Fight Fight Fight LLC, the token’s website said.
Melania Trump launched her own cryptocurrency on Sunday, which was trading at around $12.03, with a market cap of $1.9 billion, at 0820 GMT.
Trade wars, mass deportation: Trump’s promises as U.S. president
Bitcoin also hit a new all-time high of $109,071.86 in early European trading. The world’s largest cryptocurrency has surged more than 10% so far this month.
Cryptocurrency community participants were surprised by the launch of Trump’s meme coin, Reuters reported.
“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, an independent crypto analyst based in Hong Kong.
While the coin represented a blending of the world of decentralised finance (DeFi) into the political arena, it also “blurs the lines between governance, profit, and influence,” D’Anethan said.
Trump has promised to be a “crypto president”, and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.
Trump is due to assume the presidency at noon ET (1700 GMT) on Monday.
The prospect of looser regulations around crypto policy has been met with fanfare by the industry and has turbocharged a rally in bitcoin following Trump’s election victory in November.
The leadership of the Nigeria Democratic Congress (NDC) has moved to strengthen internal unity following…
Ghana midfielder Thomas Partey has reportedly been denied entry into Canada ahead of the Black…
Kaduna State Governor Uba Sani on Friday granted clemency to 97 inmates of the Kaduna…
Operatives of the Department of State Services (DSS) have arrested a suspected arms courier, Muhammad…
A winners’ medal earned by Brazilian football icon Pele during the 1958 FIFA World Cup…
Oyo State Governor, Seyi Makinde, has disclosed that students and teachers abducted by suspected bandits…
This website uses cookies.