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Donald Trump’s newly launched crypto token, $TRUMP, surged past $10 billion in market value, sparking enthusiasm across the cryptocurrency market. The token, introduced Friday, skyrocketed from under $10 to $74.59 over the weekend before settling at $32.64 on Monday, according to CoinGecko. Its debut coincided with Bitcoin hitting a record $109,071 on Trump’s inauguration day as the 47th U.S. President, though Bitcoin later dipped to $103,017.
The $TRUMP token, created on the Solana blockchain, has drawn both excitement and scrutiny. CIC Digital and Fight, Fight, Fight own 80% of the tokens, branding them as symbols of Trump’s ideals rather than investments. Melania Trump also introduced her cryptocurrency, MELANIA, on Sunday, further fueling market activity. Solana’s coin reached an all-time high of $294.33 during this period.
World Liberty Financial, another Trump-linked project, announced raising $300 million from an initial token sale, with plans for further issuance. The initiatives align with expectations of a crypto-friendly administration under Trump, contrasting the previous regulatory environment.
While optimism surrounds potential regulatory changes, experts caution against speculative hype. Matthew Dibb, CIO at Astronaut Capital, noted Bitcoin’s retreat, predicting market volatility and a possible selloff. Analysts like Grzegorz Drozdz view tokens like $TRUMP as speculative assets prone to sharp fluctuations.
Ethical concerns have emerged regarding Trump’s crypto ventures and their overlap with governance. Critics warn the tokens blur lines between politics, profit, and influence. Despite the controversies, Trump’s ventures have amplified cryptocurrency’s prominence, signaling a pivotal moment for the industry.
Market watchers anticipate gradual policy shifts rather than immediate overhauls, keeping crypto investors eager yet cautious about the road ahead.
