Donald Trump’s newly launched cryptocurrency, $TRUMP, soared to unprecedented heights on Monday, reaching a market capitalization of $9.2 billion just hours before the U.S. President-elect’s return to the White House.
The meme coin surged 73% during Asian trading hours, hitting $46.06, with a staggering 24-hour trading volume of $42.2 billion, according to CoinMarketCap.
The digital token, branded with imagery from Trump’s attempted assassination in July, adds to his growing cryptocurrency ventures, including World Liberty Financial. The coin’s sudden rise has captivated both the political and crypto worlds, with industry experts voicing mixed reactions.
Justin D’Anethan, a Hong Kong-based independent crypto analyst, described the launch as a groundbreaking moment for decentralized finance and politics. “While it’s tempting to dismiss this as another Trump spectacle, the official Trump token opens a Pandora’s box of ethical and regulatory questions,” he said, noting concerns over how public figures might leverage their influence in speculative markets.
Meanwhile, Peter Schiff, chief economist at Euro Pacific Asset Management, referred to $TRUMP as “the new digital gold” in a post on messaging platform X.
Trump has promised to champion cryptocurrency during his presidency, vowing to reduce regulatory hurdles and promote the widespread adoption of digital assets. His pro-crypto stance has already fueled optimism within the industry, boosting bitcoin prices since his election victory in November.
As Trump assumes office on Monday at noon ET (1700 GMT), the prospect of looser crypto regulations has bolstered confidence among investors, sparking hope for a more crypto-friendly future under his leadership. However, analysts caution that regulatory scrutiny surrounding Trump’s cryptocurrency ventures is likely to intensify.
