Donald Trump's newly launched crypto token, $TRUMP, surged past $10 billion in market value, sparking enthusiasm across the cryptocurrency market.
Donald Trump's cryptocurrency token, $TRUMP, has seen its market value soar past $10 billion, according to data from CoinGecko on Monday. The token, which was introduced on Friday, has seen its price rise from below $10 to $74.59 over the weekend, before settling at $32.64 on Monday.
The token's debut also coincided with Bitcoin hitting a record $109,071 on Trump's inauguration day as the 47th U.S. President, although the cryptocurrency later slipped to $103,017.
The $TRUMP token, which was created on the Solana blockchain, has sparked both excitement and scrutiny. According to the token's smart contract, CIC Digital and Fight, Fight, Fight own 80% of the tokens, and have stated that the tokens are meant to be symbols of Trump's ideals rather than investments.
Melania Trump also introduced her cryptocurrency, MELANIA, on Sunday, which further contributed to the market activity. During this period, Solana's coin reached an all-time high of $294.33.
Another Trump-linked project, World Liberty Financial, announced that it had raised $300 million from an initial token sale, with plans for further issuance. These initiatives align with expectations of a crypto-friendly administration under Trump, which contrasts with the regulatory environment under the previous administration.
While optimism surrounds the potential regulatory changes, experts are also cautioning against speculative hype. According to Matthew Dibb, CIO at Astronaut Capital, Bitcoin is showing signs of retreating, which could lead to market volatility and a possible selloff.
Analysts like Grzegorz Drozdz also view tokens like $TRUMP as speculative assets that are prone to sharp fluctuations. Drozdz highlights the token's lack of intrinsic value and its dependence on external factors, such as news coverage and Trump's popularity.
However, despite the controversies, Trump's ventures have amplified cryptocurrency's prominence, signaling a pivotal moment for the industry. As Trump's presidency progresses, market watchers anticipate gradual policy shifts rather than immediate overhauls, keeping crypto investors eager yet cautious about the road ahead.
