The digital token, $TRUMP, launched on Friday and experienced a significant price surge, rising from under $10 on Saturday to a peak of $74.59 before stabilizing slightly on Monday.
As reported by Reuters, the sharp increase in $TRUMP’s value coincided with Trump’s impending return to the White House. This price surge garnered substantial attention, with trading volumes reaching billions of dollars. By 1345 GMT, the token was trading at $46.93, giving it a market capitalization of $9.4 billion, according to CoinMarketCap. Ranking as the 19th largest cryptocurrency, $TRUMP saw a 24-hour trading volume of over $41 billion.
Meanwhile, Melania Trump introduced her cryptocurrency, $MELANIA, on Sunday. The market value of $MELANIA quickly surpassed $1 billion.
The Trump Organization confirmed that the majority of $TRUMP tokens are owned by CIC Digital, a Trump-affiliated company, and Fight, Fight, Fight, another business entity connected to the former president. The tokens are described as a representation of Trump’s ideals, rather than an investment or security.
The launch of these cryptocurrencies has sparked concerns within the crypto community. Experts have raised questions about the ethical and regulatory aspects of the initiative. “It might be easy to dismiss this as just another Trump spectacle, but the creation of an official Trump token opens a Pandora’s box of ethical and regulatory dilemmas,” commented Justin D’Anethan, an independent crypto analyst based in Hong Kong.
In the broader cryptocurrency market, Bitcoin also reached new heights, achieving an all-time high of $109,071.86 in early European trading before settling around $107,600. Bitcoin’s value has risen by more than 10% this month, with the excitement surrounding $TRUMP and $MELANIA contributing to the overall market rally.
These developments come as Trump prepares to begin his second term in office, fueling investor optimism that his administration will support a favorable environment for the cryptocurrency industry.
