Just hours before the US President-elect returned to the White House, bitcoin reached a record high, while Donald Trump’s freshly launched cryptocurrency surged to nearly $12 billion in market value on Monday, attracting billions in trading volume.
Trump’s meme coin, also known as $TRUMP, was launched on Friday and, according to CoinMarketCap, which rated it as the 18th largest cryptocurrency, jumped to $58.56 by 0820 GMT on Monday, giving it a market capitalisation of almost $11.7 billion. Its trading volume in a 24-hour period was $52.5 billion.
Trump expanded his cryptocurrency interests, which already include World Liberty Financial, on Friday by launching a digital token with branding that included an image from his July assassination attempt. CIC Digital LLC owns 80% of the total number of tokens.
According to CoinMarketCap, Melania Trump debuted her own cryptocurrency on Sunday at roughly $12.03, with a market value of $1.9 billion at 0820 GMT.
Early European trading saw Cryptocurrency reach a fresh all-time high of $109,071.86. This month, the biggest cryptocurrency in the world has increased by almost 10%. The introduction of Trump’s meme coin even caught the cryptocurrency community off guard.
The introduction of the official Trump coin raises many moral and legal issues, despite the temptation to write this off as another Trump show, according to Hong Kong-based independent crypto analyst Justin D’Anethan.
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