Crypto Markets Rocked by Launch of "Official" Donald Trump Memecoin—with More Mayhem Braced for This Coming Week

The price of the "official" Trump memecoin has surged since its Friday evening launch, breaking into the crypto top 20 by market capitalization and hitting an eye-watering $14 billion.

Fresh from launching his own memecoin, dubbed $trump, which has seen mind-boggling gains of more than 300% since its Friday evening launch, hitting a market capitalization of around $460 million, Donald Trump is now preparing a series of executive orders focused on cryptocurrencies, Axios reports.

Trump is said to be planning to direct federal agencies to study digital assets and cryptocurrencies, examining the potential risks and benefits they pose to consumers, investors and the US economy.

The orders are also expected to cover stablecoins, crypto exchanges and decentralized finance (defi), with Trump set to be aiming to bolster U.S. crypto innovation and competitiveness.

"The orders are also expected to cover stablecoins, crypto exchanges and decentralized finance (defi), with Trump set to be aiming to bolster U.S. crypto innovation and competitiveness," Axios adds.

"They come after months of pressure from the crypto industry and some Trump administration officials, who have been pushing the president to use his executive authority to address crypto in a way that his successor, Joe Biden, likely won't."

Trump is set to be aiming to use the orders to boost his support among the crypto community, which has been rallying behind him in recent weeks—launching Trump-themed coins and defi projects, and gathering outside Trump Tower in New York City, waving bitcoin and Trump flags and chanting "We love crypto, we love Trump."

"Crypto is now officially a family business," Nawfal added in another tweet, posting a screenshot of X messages from his followers, showing them discussing Melania Trump's coin launch.

"This is getting out of hand. First melania coin, now don jr coin," another X user commented, posting a screenshot of a website showing a coin, dubbed "donald jr."

"This is beyond insane," analysts at The Kobeissi Letter posted to X. "Less than 48 hours ago, Donald Trump launched $trump which just erased $7.5 billion in market cap in 10 minutes. In the minutes around the launch of Melania Trump's token, we saw massive sell orders in $trump."

"Looks like crypto is becoming a family business," X influencer Mario Nawfal posted.

Following the launch of Melania's coin, Trump's memecoin crashed by around 40%, according to on-chain data, as traders rushed to buy the new coin.