The cryptocurrency, referred to as $TRUMP, was launched on Friday and rose to $58.56 at 0820 GMT Monday, reaching a market capitalization of approximately $11.7 billion
A cryptocurrency bearing the name of U.S. President Donald Trump has entered the top 20 cryptocurrencies by market capitalization, quickly reaching a market value of nearly $12 billion on Monday, with tens of billions recorded in 24-hour trading volume.
The cryptocurrency, denoted by $TRUMP, was launched on Friday and soared to $58.56 at 0820 GMT Monday, reaching a market capitalization of approximately $11.7 billion, according to CoinMarketCap. It became the 18th largest cryptocurrency, with a 24-hour trading volume of $52.5 billion.
According to its website, 80% of $TRUMP tokens are owned by CIC Digital LLC, an affiliate of The Trump Organization, and another entity, Fight Fight Fight LLC. Trump’s previous cryptocurrency ventures include World Liberty Financial.
Separately, Melania Trump launched her own cryptocurrency on Sunday, trading at $12.03 with a market value of $1.9 billion at 0820 GMT, based on CoinMarketCap data.
Bitcoin reached a new all-time high of $109,071.86 during early European trading on Monday. It has risen over 10% so far this month.
Trump's campaign included commitments to support cryptocurrency adoption and reduce regulatory hurdles, with plans for executive orders addressing these issues. The cryptocurrency market has reacted to these policy signals, contributing to bitcoin’s rally since Trump's election win in November.
Trump is scheduled to assume the presidency at noon ET (1700 GMT) Monday.
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