Donald Trump has sent the price of new bitcoin rival soaring

The bitcoin price has reclaimed $100,000 per bitcoin after dropping to around $90,000 earlier this month as leaks reveal Trump could be about to cause bitcoin price chaos.

Bitcoin and major cryptocurrency prices have surged higher this weekend after Donald Trump promoted a new memecoin on X and Truth Social, sparking a buying frenzy among traders.

The bitcoin price has surged back above $100,000 per bitcoin after dropping to around $90,000 earlier this month as leaks reveal Trump could be about to cause bitcoin price chaos.

Now, expectations of a Trump inauguration bombshell are being stoked by a memecoin that is closely linked to the incoming president being promoted on X and Truth Social.

The cryptocurrency, which is closely linked to Trump, surged to a market capitalization of over $20 billion in just a matter of hours, on Friday.

"My new official Trump meme is here! It’s time to celebrate everything we stand for: winning! Join my very special Trump community. Get your $trump now," Trump's X account posted.

The X account post was made alongside a link to a website that allowed users to buy the cryptocurrency and adding: "Have fun."

The cryptocurrency was not immediately confirmed as official by non-social media channels, with many speculating Trump's X and his Truth Social account that posted a similar message may have been compromised by scammers.

However, the post was not deleted even after additional posts appeared on Trump's Truth Social account, suggesting he still controls it.

The memecoin—a type of cryptocurrency similar to bitcoin that derives value from the level of community interest and engagement—has been launched on the solana blockchain and has made 200 million of the Trump cryptocurrency available, with the supply set to grow to a total of one billion over three years, according to its website.

The Trump memecoin has rocketed to a market capitalization of over $20 billion in just a matter of hours, on Friday, according to on-chain data, eclipsing other popular memecoins and causing other major cryptocurrency prices to fall as traders sell them and buy the Trump coin.

Trump's promotion of the memecoin just days before his inauguration in Washington DC sent shock waves through the world of bitcoin and crypto, with traders and analysts betting it will mean further volatility ahead for markets.

"This is beyond insane," analysts with The Kobeissi Letter posted to X. "What is happening?"