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Trump's Crypto Token Surpasses $10 Billion Market Cap, Bitcoin Hits Record High
Donald Trump’s newly launched cryptocurrency soared to over $10 billion in market value on Monday, attracting billions in trading volume. This surge came just hours before the US President-elect’s anticipated return to the White House, coinciding with Bitcoin hitting a record high.
Launched on Friday, Trump’s “meme coin,” also known as $TRUMP UMP, saw a rapid rise from under $10 on Saturday morning to a peak of $74.59 before retracting slightly on Monday.
Trump's digital token branding includes an image referencing his attempted assassination in July, marking a significant expansion of his crypto ventures, which also include World Liberty Financial.
Meanwhile, Melania Trump introduced her own coin, $MELANIA, on Sunday, which quickly surged in price, pushing its market cap well past $1 billion.
Four-fifths of TrumpCoin's tokens are owned by CIC Digital, an affiliate of Trump’s business, and another entity called Fight, Fight, Fight, according to their website. They describe the coins as “an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol '$TRUMP,'” clarifying that the coins are not intended as an investment or security.
The coin launches have sparked surprise and concern, even within the cryptocurrency industry.
"While it's easy to dismiss this as another Trump spectacle, the release of the official Trump token raises a host of ethical and regulatory questions," said Justin D'Anethan, an independent crypto analyst in Hong Kong.
This month, the Trump Organization confirmed that the incoming president would hand over daily operations of his vast portfolio, which includes real estate, hotels, golf courses, media, and licensing, to his children once he enters the White House.
By 1345 GMT, TrumpCoin was trading at $46.93, with a market cap of $9.4 billion, ranking it as the 19th largest cryptocurrency according to CoinMarketCap.
