The price of the digital token, called $TRUMP, which went live on Friday, increased from less than $10 on Saturday to a high of $74.59 before making a minor adjustment on Monday.
The spike in $TRUMP’s worth occurred shortly before Trump’s return to the White House, according to Reuters. When the token’s trading volume reached billions of dollars, it garnered notice. According to CoinMarketCap, the currency was worth $9.4 billion at its current price of $46.93 at 1345 GMT. The token had a 24-hour trading volume of almost $41 billion, making it the 19th largest cryptocurrency.
Melania Trump introduced her own cryptocurrency, $MELANIA, on Sunday in addition to $TRUMP. The market value of $MELANIA swiftly surged above $1 billion.
The Trump Organization verified that CIC Digital, a Trump-affiliated business, and Fight, Fight, Fight, another organization connected to the president’s enterprise, possess the majority of the $TRUMP tokens. The coins are not meant to be securities or investments; rather, they are characterized as a statement of support for Trump’s principles.
The introduction of these cryptocurrencies sparked debate among specialists in the field, who questioned the moral and legal ramifications. The introduction of the official Trump token raises a number of moral and legal issues, despite the temptation to write this off as another Trump show, according to independent cryptocurrency expert Justin D’Anethan of Hong Kong.
Bitcoin rose along with the rest of the cryptocurrency market, peaking at $109,071.86 in early European trading before leveling off at about $107,600. The enthusiasm around $TRUMP and $MELANIA has contributed to the general boom in bitcoin, which has risen more than 10% this month.
Melania Trump announced the launch of her cryptocurrency, $MELANIA, on the eve of her husband Donald Trump’s inauguration as the 47th President of the United States, according to Newsline.
In a similar vein, President Trump has introduced the $TRUMP meme currency. Since its January 17 launch, the coin has swept the digital asset market, seeing a startling 236 percent rise in value in a single day. According to Newsline, as of Sunday afternoon, approximately 2:50 p.m. Nigerian time, its market capitalization had surpassed $14 billion, and each coin is valued at $69.79.Investors are expecting that Trump’s administration would create a favorable climate for the cryptocurrency industry as he gets ready for his second term in office.
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