Trump’s new cryptocurrency soars to $12 billion as Bitcoin hits record high
Donald Trump’s newly-created cryptocurrency soared on Monday to nearly $12 billion in market value, drawing in billions in trading volume, while bitcoin hit a record high just hours ahead of the U.S. President-elect’s return to the White House.
Launched on Friday, Trump’s meme coin, also known as $TRUMP, surged to $58.56 at 0820 GMT on Monday, giving it a market capitalisation of about $11.7 billion, according to CoinMarketCap, which ranked it as the 18th biggest cryptocurrency. Its 24-hour trading volume reached $52.5 billion.
Trump had on Friday launched the digital token 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.
Besides, Melania Trump launched her own cryptocurrency on Sunday, which was trading at around $12.03, with a market cap of $1.9 billion, at 0820 GMT, according to CoinMarketCap.
Bitcoin hit a new all-time high of $109,071.86 BTC= in early European trading. The world’s largest cryptocurrency has surged more than 10% so far this month.
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.
