A new digital currency called $TRUMP was introduced on Friday, and it quickly gained popularity. On Saturday, the price of $TRUMP was less than $10, but it skyrocketed to $74.59 at its highest point before settling down a bit on Monday.
According to a report from Reuters, this price surge happened just before Donald Trump was set to return to the White House. The excitement around $TRUMP led to a massive amount of trading, with billions of dollars changing hands. As of 1:45 PM GMT, the price of $TRUMP was $46.93, giving it a total value of about $9.4 billion in the market. This made it the 19th largest cryptocurrency, with over $41 billion traded in the last 24 hours.
In addition to $TRUMP, Melania Trump also launched her own digital currency called $MELANIA on Sunday. This new token quickly gained popularity and reached a market value of over $1 billion.
The Trump Organization has stated that most of the $TRUMP tokens are owned by CIC Digital, a company connected to Trump, and another entity called Fight, Fight, Fight. These tokens are meant to show support for Trump’s beliefs and are not designed to be traditional investments or securities.
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However, the launch of these cryptocurrencies has raised some eyebrows in the crypto community. Experts are concerned about the ethical and regulatory issues surrounding them. Justin D’Anethan, an independent analyst based in Hong Kong, commented that while it might be easy to dismiss this as just another spectacle involving Trump, the introduction of an official Trump token raises serious questions about ethics and regulations in the industry.
In the wider cryptocurrency market, Bitcoin also experienced a surge, reaching a record high of $109,071.86 during early trading in Europe before settling around $107,600. Bitcoin has seen an increase of more than 10% this month, and the buzz surrounding $TRUMP and $MELANIA likely contributed to this overall rise in the market.
These developments come as Trump prepares for his second term as president, with many investors hoping that his administration will create a favorable environment for the cryptocurrency industry.
On the eve of her husband’s inauguration as the 47th President of the United States, Melania Trump announced her own cryptocurrency, $MELANIA. Meanwhile, Donald Trump’s $TRUMP token, which was launched on January 17, has made waves in the digital asset market, with its value increasing by an astonishing 236% within just 24 hours. By Sunday afternoon, its market capitalization had surpassed $14 billion, with each coin priced at $69.79.
