On Monday, the market value of a newly minted cryptocurrency, $Trump, rose to over $10 billion as Donald Trump began his second term as President of the United States.
The crypto, which launched on January 20, saw significant trading volume that contributed to its rapid rise, while hitting record highs just hours before Trump’s inauguration.
The “meme coin,” as it’s colloquially known, saw a meteoric rise from under $10 on Saturday morning to a high of $74.59, though it later pared back some of those gains.
The launch included branding showing an image from an assassination attempt on Trump in July, marking an expansion of his venture into the cryptocurrency space through World Liberty Financial.
In related news, Melania Trump introduced her own cryptocurrency, $MELANIA, on Sunday. It also experienced a significant price increase, which quickly achieved a market value of over 1 billion. USD. The majority of $Trump tokens, around 80%, are owned by CIC Digital, which is affiliated with Trump’s business endeavors, and another entity called Fight, Fight, Fight.
The official $Trump website states that the coins represent “an expression of support for, and commitment to, the ideals and beliefs embodied by the symbol ‘$TRUMP'” and clarifies that they should not be considered an investment or a security.
Crypto payment app Oobit announced that $Trump can now be used for tap payments, allowing for daily purchases with the Solana-based memecoin.
This development was highlighted with the idea of using $Trump to pay for items at fast food chains such as McDonald’s (NYSE: ), with a tweet suggesting that it’s easy to say, “I pay with TRUMP,” by the box.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
