Launched on January 17, Trump's meme coin – $TRUMP – reaches over $10 billion in market value on Monday as Trump begins his term as the 47th president.
A cryptocurrency named $TRUMP was launched on January 17 to celebrate the ‘WIN’ in the presidential election, Trump said in his Truth Social post during the launch. According to estimates, there are 200 million $TRUMP coins available. Trump plans to increase this number to 1 billion over the next three years.
On January 21, the $TRUMP ‘meme coin’ reached $52.71 at 12:30 GMT, giving $TRUMP a market capitalization of about $10.7 billion. In fact, the coin also touched its highest value to date, $74.59. Notably, the same coin was priced at around $10 on January 19.
After launching on January 17, the price of the ‘official’ Trump meme coin soared, securing its place in the top 20 cryptocurrencies by market cap, with a total valuation nearing $15 billion. Interestingly, the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC own the remaining 80% of tokens, which have yet to be publicly released.
But in an interesting turn, the value of $TRUMP coin is seeing a drop just after the debut of the $MELANIA cryptocurrency. Donald Trump’s wife and now the First Lady of the U.S., Melania Trump, launched a cryptocurrency named $MELANIA on January 20. In response to this development, $TRUMP crypto plummeted about 40% to $44.82 from $74.06 in less than 24 hours. Meanwhile, the Melania meme coin price tumbled to around $6.17 on January 21, with a 24-hour trading volume of $6,256,285,160.23 USD.
These two cryptocurrencies or meme coins – $TRUMP and $MELANIA – have been launched on the Solana blockchain network. These coins can be easily purchased from several crypto exchanges. To be specific, while $TRUMP coin is available on exchanges like Binance, $MELANIA coin can be bought from Jupiter. The launch of both the coins, while took everyone by surprise, has already been controversial with many questioning the ethical and regulatory considerations. A sitting US President, launching his own cryptocurrency, with the First Lady following suit, isn’t something that would go unquestioned.
These sorts of cryptocurrencies are actually considered ‘fungible crypto assets,’ like other digital currencies. People can make transactions and trade them just like other famous cryptocurrencies. At the same time, considering the pro-crypto stance of the 47th president of the United States, the poster boy of cryptocurrency, Bitcoin, has emerged as a major gainer after Trump’s victory. In fact, in January alone, the world’s largest cryptocurrency has surged more than 10% so far. Bitcoin hit an all-time high of $109,071.86 in early European trading, before retracting slightly and settling around $105,297.
