Donald Trump’s newly launched cryptocurrency surged on Monday to more than $10 billion in market value as billions poured into trading just hours before the president-elect takes the oath of office.
The meteoric rise in the digital currency’s value coincided with Bitcoin hitting a record high — the latest indication that cryptocurrency investors are bullish on the incoming administration’s anticipated deregulation of the industry.
Trump introduced the digital asset, known as $TRUMP, on Friday. By early Monday morning, its price had climbed to $52.71.
This valuation translated to a market capitalization of approximately $10.7 billion, according to CoinMarketCap, making it the 18th largest cryptocurrency.
The coin had soared to as much as $74.59 on Sunday, a significant leap from its initial value of under $10 on Saturday morning.
Over the past 24 hours, trading volume peaked at an astonishing $52.5 billion.
The token, issued on the Solana blockhain, features branding that includes an image from Trump’s attempted assassination in July.
The Trump family has enthusiastically embraced cryptocurrency.
Last year, the president-elect’s two eldest sons, Don Jr. and Eric, launched World Liberty Financial (WLF), a decentralized finance (DeFi) platform which aims to promote crypto-based financial services while reinforcing the US dollar’s role in the digital economy.
Although the Trump family is closely associated with WLF, they do not hold official positions but serve as advisors and have been allocated significant WLFI tokens.
The platform primarily caters to accredited investors, limiting access for most retail investors in order to comply with regulatory requirements.
According to the coin’s website, 80% of the total $TRUMP tokens are controlled by CIC Digital LLC, an affiliate of the Trump Organization, alongside Fight Fight Fight LLC.
Meanwhile, former First Lady Melania Trump launched her own cryptocurrency on Sunday. By early Monday morning, her token was trading at approximately $9.60, with a market capitalization of $1.85 billion, per CoinMarketCap data.
In parallel, Bitcoin reached an all-time high of $109,071.86 during early trading before retreating to around $106,600.
The leading cryptocurrency has climbed more than 10% in value since the start of the month, fueled by investor optimism.
The launch of Trump’s meme coin has elicited mixed reactions within the crypto community.
Justin D’Anethan, an independent cryptocurrency analyst based in Hong Kong, noted that while the move might be seen as another Trump spectacle, it raises significant ethical and regulatory concerns.
“The introduction of an official Trump cryptocurrency blurs the lines between governance, profit, and influence,” D’Anethan stated.
“Should public figures, particularly those with immense political power, be allowed to exert such influence over speculative markets? This is a question regulators will likely scrutinize.”
Trump has pledged to be a “crypto president” — further stoking expectations among digital coin enthusiasts that his administration will work to eliminate regulatory barriers and promote mainstream adoption of the virtual assets.
His stance on cryptocurrency has already energized the market, with Bitcoin’s latest rally tracing back to his election victory in November.
Trump is set to assume the presidency at noon Eastern Time on Monday, and his approach to crypto regulation will likely remain a focal point in both financial and political circles.
