Trump’s Cryptocurrency Launch Gains Huge Attention Before His Inauguration
Donald Trump’s new cryptocurrency, $TRUMP, skyrockets to a $9 billion market value just hours before his inauguration, shaking up the digital finance world.
Donald Trump’s latest venture into cryptocurrency has made waves, with his newly launched digital coin, $TRUMP, achieving a $9 billion market value on Monday. This massive success came just hours before Trump’s scheduled return to the White House as President-elect.
The $TRUMP coin, which is being called a "meme coin," saw its value soar by 73% during early Monday trading in Asia, hitting $46.06 per token. According to CoinMarketCap, the coin’s trading volume in the last 24 hours reached an incredible $42.2 billion. Trump introduced this cryptocurrency on Friday, branding it with an image linked to an incident from July. This launch builds on his existing ventures in digital finance, which already include World Liberty Financial.
Many in the crypto community were caught off guard by the sudden launch.
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“This isn’t just another Trump publicity stunt. The launch of this token brings serious questions about ethics and regulations in the crypto world,” said Justin D’Anethan, a cryptocurrency analyst based in Hong Kong. He pointed out that $TRUMP merges decentralized finance with politics, which raises concerns about the overlap of governance, profits, and influence.
“Can public figures with significant political power also dominate speculative markets? That’s a question regulators will likely address,” D’Anethan added.
Economist Peter Schiff called $TRUMP the "new digital gold" in a post on the social platform X, acknowledging its impressive rise in value.
Trump has pledged to promote cryptocurrency as part of his presidency and is expected to introduce policies that make crypto regulations less restrictive. This could pave the way for broader use and acceptance of digital assets.
The possibility of reduced regulations has created excitement within the crypto world. Since Trump’s election win in November, Bitcoin and other cryptocurrencies have experienced a boost. On Monday, Bitcoin traded 2.6% lower at $101,826.51 but remains up more than 10% for the month.
Trump is set to officially take office at noon ET (1700 GMT) on Monday. His supporters and crypto enthusiasts are eagerly awaiting his next moves in both the political and financial arenas.
Also Read: Trump Administration to Make Crypto a National Priority with Clear Regulations and Industry Support
