Donald Trump's Meme Coin Soars to $12 Billion in Market Value as Bitcoin Hits Record High

Launched on Friday, January 17, Trump's meme coin, also known as $TRUMP, surged to $58.56 at 0820 GMT on Monday, giving it a market capitalisaton of about $11.7 billion

Donald Trump’s meme coin soared on Monday to nearly $12 billion in market value, while bitcoin hit a record high just hours ahead of the United States President-elect’s return to the White House.

Trump’s meme coin, also known as $TRUMP, surged to $58.56 at 0820 GMT on Monday, giving it a market capitalisaton of about $11.7 billion, according to CoinMarketCap, which ranked it as the 18th biggest cryptocurrency.

Its 24-hour trading volume reached a staggering $52.5 billion.

On Friday, Trump unveiled the digital token with branding that included an image from his attempted assassination in July, expanding his cryptocurrency interests, which already include World Liberty Financial.

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 said.

Melania Trump also launched her own cryptocurrency on Sunday, which was trading at around $12.03, with a market cap of $1.9 billion, at 0820 GMT.

Bitcoin hit a new all-time high of $109,071.86 in early European trading. The world’s largest cryptocurrency has surged more than 10% so far this month.

The launch of Trump’s meme coin surprised the cryptocurrency community, according to Reuters.

“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 merging of the world of decentralised finance (DeFi) into the political arena, it also “blurs the lines between governance, profit, and influence,” D’Anethan said.

Trump has pledged 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.

Trump is set to assume the presidency at noon ET (1700 GMT) on Monday.

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