President Donald Trump made a major move into the cryptocurrency world, launching his own meme coin, $TRUMP.
Cryptocurrency has firmly established itself as a major force in global finance, now valued at billions of dollars. Re-elected U.S. President Donald Trump is the latest to jump into the digital currency game with his own meme coin, $TRUMP. Launched just days before his second inauguration, the token has quickly soared to an impressive $12 billion market value, according to CoinMarketCap.
A significant 80% of $TRUMP tokens are owned by CIC Digital LLC, an affiliate of Trump’s business empire, The Trump Organization, and another entity, Fight Fight Fight LLC.
In just 24 hours, $TRUMP generated a massive trading volume of $52.5 billion. Featuring an image from Trump’s attempted assassination in July, the coin has gained widespread attention, especially on social media. Thousands of users on X have shared and liked posts about the token’s launch, amplifying its visibility. This move marks a significant expansion of Trump’s cryptocurrency ventures, which already include World Liberty Financial. At the same time, Bitcoin continues to set new all-time highs, highlighting the booming digital asset market.
But it wasn’t just Trump’s token making headlines. The incoming First Lady, Melania Trump, also entered the crypto space with her own meme coin, $MELANIA, launched on January 19. Her coin briefly caused a dip in the value of $TRUMP as traders flocked to the new token.
$TRUMP’s price surged to over $70, pushing its market capitalization above $14 billion right after launch. However, following the launch of $MELANIA, $TRUMP’s value dropped from $75 to $30 before recovering to around $64. Meanwhile, $MELANIA skyrocketed to a market cap of $13 billion, making a significant splash in its own right.
Despite the brief volatility, Trump remains true to his promise of being a "crypto president," solidifying his presence in the digital currency world. $TRUMP is now ranked 18th globally in market capitalization, further cementing its place in the ever-growing crypto market.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 24th July, covering the latest developments you need to know.
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