Trump Cryptocurrency Surges to $10 Billion Market Value
Trump Cryptocurrency Surges to $10 Billion Market Value
A newly launched cryptocurrency, $Trump, saw its market value soar to over $10 billion on Monday following Donald Trump's inauguration for his second term as U.S. President. The cryptocurrency, which launched on January 20, experienced a significant surge in trading volume, driving its rapid growth.
The Rise of the Meme Coin
The $Trump cryptocurrency, often referred to as a "meme coin," saw dramatic price fluctuations. It rose from under $10 on Saturday morning to a peak of $74.59 before retracing some gains. The coin's branding features imagery from a past assassination attempt on Trump, marking an expansion of his ventures into the crypto space through World Liberty Financial.
Melania Trump's Own Cryptocurrency
In a related development, Melania Trump introduced her own cryptocurrency, $MELANIA, on Sunday. This coin also experienced a notable price surge, achieving a market capitalization of over $1 billion shortly after its launch.
Ownership and Purpose of $Trump Tokens
Approximately 80% of $Trump tokens are held by CIC Digital, a firm affiliated with Trump's business interests, and another entity named Fight, Fight, Fight. The official website for $Trump clarifies that the coins are not investments or securities but rather symbols of support for the ideals associated with the Trump brand.
Real-World Applications
The crypto payment app Oobit announced that $Trump can now be used for tap payments, enabling everyday purchases with the Solana-based memecoin. This development was highlighted with the idea of using $Trump for transactions at fast-food chains like McDonald's, with a tweet suggesting the ease of saying, "I'll pay with TRUMP," at checkout.
This sudden growth underscores the volatile yet dynamic nature of the cryptocurrency market, particularly for meme coins tied to high-profile figures.
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