$TRUMP meme coin crosses $10-billion market cap after Donald Trump gets sworn in as 47th US President | Stock Market News

$TRUMP meme coin: Donald Trump’s newly created cryptocurrency soared on Monday to more than $10 billion in market value after he took office for his second term as the 47th US president, drawing in billions in trading volume. The original cryptocurrency, bitcoin, hit a record high, breaching the $109,000 mark hours ahead of Trump’s return to the White House.

Launched on Friday, Trump’s “meme coin,” also known as $TRUMP, soared from less than $10 on Saturday morning to as high as $74.59 before giving up some of its rise today. According to CoinMarketCap, $Trump last traded at $45.21, giving it a market cap of over $9 billion, which ranked it as the 19th biggest cryptocurrency worldwide. The 24-hour trading volume was nearly $40 billion.

Also Read: Bitcoin soars above $109,000 to hit fresh record-high over pumped-up crypto bets ahead of Donald Trump’s inauguration

$TRUMP meme coin hits $10 billion mcap

Trump launched the digital token with branding including an image from his attempted assassination in July, expanding his cryptocurrency interests. According to its website, four-fifths of Trump coin’s tokens are owned by CIC Digital, an affiliate of Trump’s business, and another entity called Fight, Fight, Fight. 

The $TRUMP meme coin made an explosive $14.5 billion debut and rallied over 300 per cent within hours of its launch, reaching a market capitalisation (cap) of $6 billion. Trading volumes crossed $1 billion, and the coin’s value surged over 300 per cent within minutes on January 18.

The website says the coins are “an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP'” and are not an investment or security. Trump’s wife and US First Lady, Melania Trump, also launched her own coin, $MELANIA meme coin, on Sunday, which rallied in price to take its market cap well beyond $1 billion.

The excitement over the meme coins aided a wider rally in cryptocurrency prices, as investors hoped Trump would live up to his promise to be a “crypto president” and act favourably towards the industry by removing regulatory roadblocks and promoting greater ownership of digital assets.

Also Read: $TRUMP meme coin rakes in billions ahead of Donald Trump’s inauguration, spikes over 300% within hours after launch

Several key figures in Trump’s administration and his circles have ties to the crypto industry. Bitcoin hit an all-time high of $109,071.86 in early European trading before falling back to trade around $105,297. The world’s largest cryptocurrency has surged more than 10 per cent so far this month.

The Trump and Melania cryptocurrencies were created on the lesser-known Solana blockchain, which CoinMarketCap ranks as the third-biggest blockchain network. The price of Solana’s coin also rose over the weekend, hitting an all-time high of $294.33 on Sunday. Trump’s meme coin website mentioned the option of buying the $TRUMP in exchange for Solana.

The huge rise in the new coin prices has also prompted concern among some analysts over the lack of a regulatory body for cryptocurrency. The websites for both Trump’s and Melania Trump’s coins avoid referring to them as cryptocurrencies, instead using the phrase “fungible crypto assets” in their FAQs.

Also Read: How $TRUMP coin added $7 billion to Donald Trump’s wealth overnight

According to CoinMarketCap, the newly launched $TRUMP MEME is a unique meme coin that combines Trump’s unmistakable persona with the ever-evolving world of viral internet humour. Cipher, ChainGPT, and D Community are some coins similar to the $TRUMP meme coin.

It is the only official Trump Meme by US President Donald J. Trump. “In a world where memes drive culture, the $TRUMP meme coin stands out by transforming these cultural moments into a decentralized cryptocurrency that’s as bold and entertaining as its namesake,” said CoinMarketCap on its site.

Also Read: Donald Trump’s new $TRUMP meme coin grips crypto market: What is it? Why is it surging?— EXPLAINED in 5 Points