$TRUMP
🔥Trump's cryptocurrency token reaches a market capitalization of $10 billion, bitcoin hits record high
The new cryptocurrency created by Donald Trump surged on Monday to over $10 billion in market value, attracting billions in trading volume, while the price of bitcoin hit a record high just hours before the U.S. president-elect returned to the White House.
Launched on Friday, Trump's "meme coin," also known as $TRUMP, skyrocketed from under $10 on Saturday morning to a high of $74.59 before giving up some of those large gains on Monday.
Trump launched the digital token branded with images from his assassination attempt in July, expanding his interest in cryptocurrency which already included World Liberty Financial.
Melania Trump also launched her own coin, $MELANIA, on Sunday, increasing its price to push its market capitalization well beyond $1 billion.
Four-fifths of the tokens of Trump coin are owned by CIC Digital, a subsidiary of the Trump enterprise, and another entity named Fight, Fight, Fight, according to their website. They stated that these coins are "expressions of support and commitment to the ideals and beliefs represented by the symbol '$TRUMP'" and are not an investment or security.
The launch of these coins has surprised and concerned even those within the cryptocurrency industry.
"While this may be seen as just another Trump stunt, the official launch of the Trump token has opened a Pandora's box filled with questions about ethics and regulation," said Justin D'Anethan, an independent cryptocurrency analyst based in Hong Kong.
The Trump organization stated this month that the incoming president will delegate daily management of his real estate portfolio, hotels, golf courses, media, and multi-billion dollar licensing to his children as he enters the White House.
As of 1345 GMT, Trump's coin was trading at $46.93, bringing its market capitalization to $9.4 billion, according to CoinMarketCap, ranking it as the 19th largest cryptocurrency.
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