In recent years, cryptocurrencies have shifted from being a niche phenomenon to becoming a fundamental pillar in the transformation of the global financial system. This resurgence is evident with Donald Trump’s cryptocurrency recently surpassing $10 billion in market capitalization.
This year has witnessed a significant increase in cryptocurrency adoption by both individuals and businesses. According to a recent report from Crypto Insights Global, more than 20% of global digital transactions are linked to currencies like Bitcoin, Ethereum, and emerging stablecoins. This growth is partly attributed to the strengthening of blockchain infrastructure and greater financial literacy surrounding the topic.
What’s Happening with Donald Trump’s Cryptocurrency?
On Monday, January 20, Donald Trump returned to the White House. As of now, his cryptocurrency has reached a market value exceeding $10 billion, attracting billions in trading volume. Meanwhile, Bitcoin hit a record high just hours before the newly re-elected U.S. President returned to the White House.
It is worth mentioning that last Friday, Trump launched his “meme coin,” also known as $TRUMP. The token skyrocketed from under $10 on Saturday morning to $74.59 before losing some of its substantial gains by Monday.
The digital token was introduced by Trump alongside a branding effort that includes an image referencing his assassination attempt in July, expanding his cryptocurrency ventures, which already include World Liberty Financial.
Additionally, First Lady Melania Trump launched her own cryptocurrency, $MELANIA, on Sunday. Its price surged, pushing its market capitalization well beyond $1 billion.
Reports indicate that four-fifths of Trump Coin tokens are owned by CIC Digital, a subsidiary of Trump’s company, and another entity called Fight, Fight, Fight, according to its website.
The website also states that the coins are “an expression of support and commitment to the ideals and beliefs embodied by the symbol ‘$TRUMP’” and are not considered an investment or security.
Justin D’Anethan, an independent cryptocurrency analyst based in Hong Kong, commented, “While it’s tempting to dismiss this as another Trump spectacle, the launch of Trump’s official token opens a Pandora’s box of ethical and regulatory questions.”
As of 1:45 PM GMT, Trump’s coin was trading at $46.93, giving it a market capitalization of $9.4 billion, according to CoinMarketCap, which ranks it as the 19th largest cryptocurrency.
The 24-hour trading volume exceeded $41 billion, according to CoinMarketCap data.
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