Trump’s cryptocurrency grows by more than 24% in a day… reaching $58

Data showed that the new cryptocurrency bearing Trump’s name rose dramatically overnight, rising by 19,000% from its opening price, as trading on Monday saw the value of the cryptocurrency exceed $58, amid crazy demand for Trump’s currency, making it one of the 12 largest cryptocurrencies in the world in less than two days.

The value of the new digital currency launched by US President-elect Donald Trump, which bears his name, rose on Sunday, as the value of the currency owned by the US President-elect and his aides is estimated at more than $38 billion.

The market value of US President-elect Donald Trump’s cryptocurrency $TRUMP jumped after he launched it yesterday, making it one of the 20 largest cryptocurrencies in terms of market value, and one of the most successful cryptocurrency launches.

At the time of writing, the currency continued to rise, with its value increasing by 217.21% in the last 24 hours to $68.66.

The announcement comes a day before Trump is inaugurated as US President for a second term, and Trump personally unveiled the currency via his accounts on Truth Social and X last Friday evening, while industry figures were celebrating his return to office at the inaugural Crypto Ball in Washington, DC.

Trump promised to be the most crypto-friendly president in history, and pledged to reverse the strict regulatory campaign on the sector by his predecessor Joe Biden’s administration, which led to many American companies moving their operations abroad.

The event was attended by CEOs of various crypto platforms, politicians, a handful of new Trump cabinet members, and his son, Donald Trump Jr.

Many attendees were skeptical of the news, expecting that the president-elect’s accounts had been hacked.

Trump has not commented on the coin since its announcement, but his son Eric Trump posted on X on Saturday afternoon that the coin was “the most popular digital meme on Earth,” before the president-elect’s X account retweeted his son’s comments.

A meme is an asset that gains its popularity from social media or online mentions, rather than through specific financial or technical performance.

Savvy investors are often wary of meme coins, not only because of their large price volatility, but also because they tend to be associated with those looking to make a quick buck from overzealous investors. A meme coin has no economic or transactional utility and is often defined as a purely speculative asset.

Neither Trump nor the company running the token launch, Fight Fight Fight LLC, have provided details on how much they made from the initial batch of meme coins issued.

The coin’s official website says 200 million memes have been issued, and the company says an additional 800 million will be added over the next three years. First Lady Melania Trump also launched a cryptocurrency ($MELANIA) yesterday, Sunday, on the eve of her husband’s inauguration as US president and one day after Trump launched his own cryptocurrency, $Trump. According to CoinDesk, Melania’s cryptocurrency is trading at $0.07225371 on Monday morning.

Meme coins are a type of cryptocurrency that are often inspired by internet memes or popular jokes, and are widely popular on social media platforms. These currencies are characterized by their high volatility and lack a solid economic foundation.