As U.S. President Donald Trump began his second term, his newly created cryptocurrency soared past USD$10 billion in market value on Monday, attracting billions in trading volume.
Meanwhile, bitcoin’s price hit a record high just hours before Trump’s return to the White House. Originally launched on Friday, Trump’s meme coin, called $TRUMP, leaped from less than $10 on Saturday to as high as $74.59 before investors cashed in on the early jump on Monday.
Donald Trump expanded his cryptocurrency interests by launching a digital token branded with an image referencing his attempted assassination in July. This move builds on his existing ventures, including World Liberty Financial. On Sunday, Melania Trump introduced her own coin, $MELANIA, which surged to a market capitalization exceeding $1 billion.
CIC Digital, an affiliate of Trump’s business, and another entity called Fight, Fight, Fight own four-fifths of the Trump coin’s tokens, according to its website. The website describes the coins as “an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP'” and emphasizes that they are not an investment or security.
However, not everyone in the crypto space was so sanguine about the launch of Trump’s 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.
Cryptocurrency lawyer Preston Byrne published a blog post on Sunday predicting a 90 per cent probability that a civil lawsuit opposing the coin will occur within the next 14 days.
Read more: Bitcoin enthusiasm rides high as Trump prepares to take presidential office
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Trump administration aims to be friendly to crypto
The Trump Organization announced this month that the president would transfer daily management of his multi-billion-dollar real estate, hotel, golf, media, and licensing portfolio to his children upon entering the White House.
Several key figures in the new administration maintain ties to the crypto industry. Bitcoin reached an all-time high of USD$109,071.86 during early European trading before retreating to around USD$105,297. The world’s largest cryptocurrency has surged more than 10 per cent this month.
The Trump and Melania cryptocurrencies utilize the lesser-known Solana blockchain, which CoinMarketCap ranks as the third-largest blockchain network. Solana’s coin price also climbed over the weekend, hitting a record high of $294.33 on Sunday.
Donald Trump plans to create a strategic Bitcoin stockpile and appoint crypto-friendly regulators, fueling expectations of reduced regulations for the industry. Other cryptocurrencies capitalized on the president’s successful campaign, including Dogecoin—promoted by Trump supporter Elon Musk—which rose sharply this year. Incoming AI and crypto tsar David Sacks hosted a “Crypto Ball” in Washington, DC, highlighting the administration’s pro-crypto stance.
Melania Trump’s Meme coin, launched through her company MKT World LLC. With their high profiles, Trump coin and Melania coin have entered the top 100 cryptocurrencies by value, surpassing Sam Altman’s Worldcoin.
Under President Joe Biden, regulators focused on fraud and money laundering, cracking down on crypto companies, but the incoming administration’s approach suggests a shift toward industry growth.
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