Donald Trump’s newly introduced cryptocurrency, $TRUMP, made waves in the digital asset market on Monday, achieving a staggering market value of nearly $12 billion.
The meme-based coin launched just three days earlier, witnessed immense trading activity as investors poured billions into the digital asset. Meanwhile, Bitcoin reached new highs as anticipation grew for Trump’s potential return to the White House.
On Monday, $TRUMP surged to $58.56 at 0820 GMT, according to CoinMarketCap, giving it a market capitalization of $11 billion. Ranked as the 18th largest cryptocurrency, its 24-hour trading volume skyrocketed to $52.5 billion, showcasing the massive interest from traders.
Despite its initial climb, the coin experienced fluctuations, reaching a peak of $75.08 before declining to $55.04 within 24 hours.
Source: CoinMarketCap
Also Read: Trump’s First Executive Orders to Reshape US Crypto Regulations
A Controversial Entry into the Crypto World
The digital token, branded with Trump’s image, marks an extension of the former President’s cryptocurrency endeavors. The project is backed by CIC Digital LLC and Fight Fight Fight LLC, both affiliates of Trump’s business interests.
Of the token’s total supply of 999.99 million units, 80% is reportedly held by the aforementioned organizations, raising questions about centralization in a market that often values decentralization.
Experts in the cryptocurrency space expressed mixed reactions to the launch. Justin D’Anethan, a crypto analyst, highlighted the ethical and regulatory concerns tied to public figures launching speculative assets.
He noted that the introduction of $TRUMP could blur boundaries between political influence, profit motives, and market governance. Such developments, he argued, are likely to attract heightened scrutiny from regulators.
Market Impact and Regulatory Challenges
Peter Schiff, a prominent analyst, described $TRUMP as “the new digital gold” on the social platform X. The coin’s meteoric rise has reignited debates around the role of influential figures in volatile cryptocurrency markets.
Trump’s declared intent to become a “crypto president” and reduce regulatory obstacles for digital assets further intensifies these discussions. As the $TRUMP token captures global attention, analysts predict that its performance could set the stage for a broader conversation about the intersection of finance, technology, and politics.
How regulators respond to this unique development will likely shape the future landscape of digital assets.
Also Read: Ripple CEO Meets Donald Trump Amid Regulatory Shifts, XRP Price Sees Mixed Signals
