Trump’s cryptocurrency token rises alongside record-breaking bitcoin price
Donald Trump’s recently introduced cryptocurrency, known as $TRUMP, saw a remarkable surge in value today, hitting nearly $12 billion in market cap. This sudden increase in market value attracted billions in trading volume, coinciding with another significant event – Bitcoin’s record high. Just hours before President-elect Trump’s anticipated return to the White House, the meme coin launched by Trump experienced a meteoric rise to $58.56, securing a whopping market capitalization of approximately $11.7 billion. This impressive feat propelled $TRUMP into the 18th spot on CoinMarketCap’s ranking of the most prominent cryptocurrencies, with a remarkable 24-hour trading volume of $52.5 billion.
Unveiled to the public on a Friday, Trump’s cryptocurrency seamlessly incorporated an image related to his past attempted assassination in July. This unique branding strategy added another layer to Trump’s cryptocurrency portfolio, which already included World Liberty Financial. The token’s website disclosed that 80% of the total tokens are held by CIC Digital, an affiliate of The Trump Organization, along with another entity known as Fight Fight Fight. Melania Trump also ventured into the crypto domain by launching her very own cryptocurrency, trading this virtual asset at approximately $12.03, with a market cap reaching $1.9 billion, as reported by CoinMarketCap.
Simultaneously, Bitcoin noted a significant milestone by reaching a new all-time high of $109,071.86 during early European trading. As the largest cryptocurrency globally, Bitcoin has surged over 10% in value since the start of the month, celebrating its record-breaking moment alongside Trump’s $TRUMP boom. The profound impact of the launch of Trump’s meme coin resonated throughout the cryptocurrency community, sparking discussions about the ethical and regulatory implications of this venture.
Some industry experts expressed concern regarding the convergence of decentralized finance (DeFi) into the political sphere through the release of $TRUMP. Justin D’Anethan, an independent crypto analyst based in Hong Kong, emphasized the ethical and regulatory challenges inherent in public figures, particularly ones with substantial political influence, actively participating in highly speculative markets. As the official Trump token hit the digital arena, a myriad of questions about the intersection of governance, profit, and influence emerged.
Peter Schiff, the chief economist and global strategist at Euro Pacific Asset Management, astonishingly likened $TRUMP to the new digital gold, marveling at its swift ascent. Trump’s pledge to become the “crypto president” has sparked anticipation within the industry, with expectations of executive orders aimed at dismantling regulatory barriers within the crypto space and advancing the widespread adoption of digital assets. Amid the collaborative efforts to establish a friendlier regulatory environment for cryptocurrencies, Bitcoin enthusiasts witnessed a resurgence in the market following Trump’s election victory in November, hinting at a potentially prosperous era for digital assets under his administration.
