Trump's memecoin skyrockets in value, as does Melania Trump's.
The price of Bitcoin is also rising and reaching a new record.
Trump's "meme coin," also known as $TRUMP, launched on Friday, skyrocketed from less than 10 dollars on Saturday morning to 74.59 dollars before losing some of its massive gain on Monday. 🎢
Trump launched the digital token with a brand that includes an image of his assassination attempt in July, expanding his interests in cryptocurrencies that already include World Liberty Financial.
Melania Trump also launched her own coin, $MELANIA, on Sunday, whose price rose to push its market capitalization well above one billion dollars. Surprising falling more than 60% this Monday.
The launch of the coins caused surprise and concern even among those in the cryptocurrency industry.
"While it is tempting to dismiss this as another Trump spectacle, the launch of the official Trump token opens a Pandora's box of ethical and regulatory issues," said Justin D'Anethan, an independent cryptocurrency analyst based in Hong Kong.
The Trump Organization said this month that the incoming president would hand over the daily management of his multimillion-dollar portfolio of real estate, hotels, golf, media, and licenses to his children when he enters the White House.
At 13:45 GMT, Trump's coin was trading at 46.93 dollars, giving it a market capitalization of 9.4 billion dollars, according to CoinMarketCap, opening a new tab, ranking it as the 19th largest cryptocurrency.
The twenty-four hour trading volume exceeded 42 billion dollars, according to data from CoinMarketCap.
The enthusiasm around so-called memecoins helped a broader rally in cryptocurrency prices as hopes grew among traders and investors that Trump would fulfill his promise to act favorably towards the cryptocurrency industry.
Do you think that after Trump's inauguration the token will soar to new highs? 🤔
