Trump’s Cryptocurrency Soars to Nearly $11 Billion in Market Value
Market Capitalization and Trading Volume
Donald Trump’s newly created cryptocurrency, also known as $TRUMP, stood at $52.71 by 1230 GMT on Monday, giving it a market capitalization of about $10.7 billion, according to CoinMarketCap, which ranked it as the 18th biggest cryptocurrency. The coin rose to as much as $74.59 on Sunday, having risen from less than $10 early on Saturday morning, while 24-hour trading volume reached $52.5 billion.
Launch and Ownership
Launched on Friday, Trump’s meme coin was introduced with branding including an image from his attempted assassination in July, expanding his cryptocurrency interests that already include World Liberty Financial. Of the total number of tokens, 80% are owned by CIC Digital LLC, which is an affiliate of Trump’s business The Trump Organization, and another business called Fight Fight Fight LLC, the token’s website says.
Melania Trump’s Cryptocurrency
Melania Trump launched her own cryptocurrency on Sunday, which was trading at around $9.6 with a market cap of $1.85 billion, at 1230 GMT, according to CoinMarketCap.
Bitcoin’s Record High
Bitcoin hit an all-time high of $109,071.86 in early European trading before falling back to trade around $106,600. The world’s largest cryptocurrency has surged more than 10% so far this month.
Ethical and Regulatory Questions
Even cryptocurrency community participants were surprised by the launch of Trump’s meme coin. "While it’s tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora’s box of ethical and regulatory questions," said Justin D’Anethan, an independent crypto analyst based in Hong Kong.
Regulatory Concerns
While the coin represented a blending of the world of decentralised finance (DeFi) into the political arena, it also "blurs the lines between governance, profit, and influence," D’Anethan said. "Should public figures, especially those with such political clout, wield this kind of sway in speculative markets? That’s a question regulators are unlikely to ignore," he said.
Peter Schiff’s Take
Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, pointed to the jump in $TRUMP’s value and called it the new digital gold, on messaging platform X.
Trump’s Crypto Presidency
Trump has promised to be a "crypto president", and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets. He is due to assume the presidency at noon ET (1700 GMT) on Monday.
Industry Reaction
The prospect of looser regulations around crypto policy has been met with fanfare by the industry and had turbocharged a rally in bitcoin following Trump’s election victory in November.
Conclusion
The launch of Trump’s cryptocurrency has raised several ethical and regulatory questions, and it remains to be seen how the industry and regulators will respond to this new development.
FAQs
Q: What is Trump’s cryptocurrency called?
A: Trump’s cryptocurrency is also known as $TRUMP.
Q: What is the market capitalization of Trump’s cryptocurrency?
A: As of Monday, the market capitalization of Trump’s cryptocurrency is around $10.7 billion.
Q: Who owns 80% of Trump’s cryptocurrency?
A: CIC Digital LLC, an affiliate of Trump’s business The Trump Organization, and another business called Fight Fight Fight LLC own 80% of Trump’s cryptocurrency.
Q: What is the current value of Melania Trump’s cryptocurrency?
A: Melania Trump’s cryptocurrency is trading at around $9.6 with a market cap of $1.85 billion.