Donald Trump's New Cryptocurrency Soars to Nearly $11 Billion in Market Value

Launched on Friday, Trump's meme coin, also known as $TRUMP, stood at $52.71 by 1230 GMT on Monday, giving it a market capitalisaton of about $10.7 billion

Donald Trump’s meme coin hit a market value of nearly $11 billion on Monday, attracting billions in 24-hour trading volume, while bitcoin hit a record high hours before the U.S. President-elect was set to return to the White House.

Trump’s meme coin, also known as $TRUMP, was trading at $52.71 by 1230 GMT on Monday, giving it a market capitalisaton of about $10.7 billion, according to CoinMarketCap, which ranked it as the 18th biggest cryptocurrency. The coin rose to as much as $74.59 on Sunday, having risen from less than $10 early on Saturday morning, while 24-hour trading volume reached $52.5 billion.

Of the total number of tokens, 80% are owned by CIC Digital LLC, which is an affiliate of Trump’s business The Trump Organization, and another business called Fight Fight Fight LLC, the token’s website says.

The digital token was launched on Friday and featured branding including an image from Trump’s attempted assassination in July. Trump, who had already launched cryptocurrency interests including World Liberty Financial, also launched the meme coin.

Meanwhile, Melania Trump also launched her own cryptocurrency on Sunday, which was trading at around $9.6 with a market cap of $1.85 billion, at 1230 GMT, according to CoinMarketCap.

Bitcoin hit an all-time high of $109,071.86 in early European trading before falling back to trade around $106,600. The world’s largest cryptocurrency has surged more than 10% so far this month.

Even cryptocurrency community participants were surprised by the launch of Trump’s meme coin.

“While it’s tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora’s box of ethical and regulatory questions,“ said Justin D’Anethan, an independent crypto analyst based in Hong Kong.

While the coin represented a blending of the world of decentralised finance (DeFi) into the political arena, it also “blurs the lines between governance, profit, and influence,“ D’Anethan said.

“Should public figures, especially those with such political clout, wield this kind of sway in speculative markets? That’s a question regulators are unlikely to ignore,“ he said.

On the other hand, Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, highlighted the jump in $TRUMP’s value and called it the new digital gold, on messaging platform X.

Trump has promised to be a “crypto president†, and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.

He is due to assume the presidency at noon ET (1700 GMT) on Monday.

The prospect of looser regulations around crypto policy has been met with fanfare by the industry and had turbocharged a rally in bitcoin following Trump’s election victory in November.