Donald Trump’s newly launched cryptocurrency soared on Monday — reaching nearly $11 billion in market value as billions poured into trading just hours before the president-elect is sworn in.
The meteoric rise in the value of the digital currency coincided with Bitcoin’s record high – the latest indication that cryptocurrency investors are keen on the upcoming administration’s expected deregulation of the industry.
Trump introduced the digital asset, known as $TRUMP, on Friday. By early Monday morning, its price had climbed to $52.71.
That valuation translates to a market capitalization of about $10.7 billion, according to CoinMarketCap, making it the 18th largest cryptocurrency.
The currency had risen as high as $74.59 on Sunday, a significant jump from its initial value of under $10 on Saturday morning.
Over the past 24 hours, trading volume peaked at $52.5 billion.
The token, issued on the Solana blockchain, contains a mark that includes an image from the July assassination attempt on Trump.
The Trump family has enthusiastically embraced cryptocurrency.
Last year, the president-elect’s two oldest sons, Don Jr. and Eric, launched World Liberty Financial (WLF), a decentralized finance (DeFi) platform that aims to promote crypto-based financial services, reinforcing the role of the US dollar in the digital economy.
Although the Trump family is closely associated with the WLF, they do not hold official positions but serve as advisors and have been issued important WLFI insignia.
The platform primarily caters to accredited investors, limiting access to most retail investors in order to comply with regulatory requirements.
According to the coin’s website, 80% of the total $TRUMP tokens are controlled by CIC Digital LLC, a subsidiary of the Trump Organization, along with Fight Fight Fight LLC.
Meanwhile, former First Lady Melania Trump launched her own cryptocurrency on Sunday. As of early Monday morning, its stock was trading at around $9.60, with a market capitalization of $1.85 billion, according to CoinMarketCap data.
In parallel, Bitcoin hit an all-time high of $109,071.86 in early trading before retreating to around $106,600.
The major cryptocurrency has risen more than 10% in value since the start of the month, fueled by investor optimism.
Trump’s meme coin launch has caused mixed reactions within the crypto community.
Justin D’Anethan, an independent cryptocurrency analyst based in Hong Kong, noted that while the move could be seen as another Trump stunt, it raises significant ethical and regulatory concerns.
“Trump’s acceptance of an official cryptocurrency blurs the lines between governance, profit and influence,” D’Anethan said.
“Should public figures, especially those with great political power, be allowed to exert such influence over speculative markets? That’s a question regulators are likely to look into.”
Trump has vowed to be a “crypto president” — further fueling expectations among digital currency enthusiasts that his administration will work to eliminate regulatory barriers and promote mainstream adoption of virtual assets.
His stance on cryptocurrency has already energized the market, with Bitcoin’s recent rally stemming from his election victory in November.
Trump will assume the presidency at noon ET on Monday, and his approach to crypto regulation is likely to remain a focal point in both financial and political circles.
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