$Trump Memecoin Price: Trump’s Cryptocurrency Blows Past $10 Billion as Bitcoin Hits Record High

The token's website describes it as "an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol '$TRUMP'" and emphasizes that it is neither an investment nor a security.

Donald Trump’s newly launched cryptocurrency surged to over $10 billion in market value on Monday, coinciding with his return to the White House for his second term as U.S. president.

The token, called $TRUMP, skyrocketed from under $10 on Saturday morning to a peak of $74.59 before retreating slightly.

Trump introduced the digital token on Friday, featuring branding tied to his controversial history, further expanding his ventures into the crypto space, which already include World Liberty Financial.

On Sunday, Melania Trump followed suit by launching her own cryptocurrency, $MELANIA, which quickly gained traction, surpassing $1 billion in market capitalization.

Four-fifths of the $TRUMP tokens are held by CIC Digital, a Trump-affiliated entity, and another organization named Fight, Fight, Fight.

The token’s website describes it as “an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP'” and emphasizes that it is neither an investment nor a security.

The launch of the tokens has sparked debates within the cryptocurrency industry.

“While it’s tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora’s box of ethical and regulatory questions,” noted Justin D’Anethan, an independent crypto analyst.

As of 12:30 p.m. EST (5:30 p.m. GMT), $TRUMP was trading at $45.21, with a market cap of over $9 billion, making it the 19th largest cryptocurrency, according to CoinMarketCap.

The token recorded nearly $40 billion in 24-hour trading volume.

The excitement around these so-called “meme coins” contributed to a broader rally in the cryptocurrency market.

Bitcoin reached a new all-time high of $109,071.86 before settling at approximately $105,297.

The Trump and Melania tokens were built on the Solana blockchain, which also saw its token price climb to a record $294.33 over the weekend.

“The cryptocurrency market gained additional popularity in recent hours due to the launch of the TRUMP and MELANIA cryptocurrencies just before the inauguration,” said Grzegorz Drozdz, a market analyst at Conotoxia Ltd.