PakGazette – Trump’s new cryptocurrency soared ahead of his inauguration as the 47th president of the United States, giving it a market value of nearly $11 billion.
The cryptocurrency industry has been boosted since Trump’s election victory in November, and advocates hope it will help usher in a new era of digital asset adoption. Trump, who previously called it “a scam,” has promised that the United States would be “the crypto capital” of the world once he returns to office.
Major crypto exchanges including Coinbase (NASDAQ:) and Binance have said they plan to list Trump’s memecoin token.
Some 200 million digital tokens have been issued and another 800 million will be launched over the next three years, according to the currency’s website, adding that the tokens are intended to be expressions of support rather than investment opportunities. The website noted that it is “non-political” and “has nothing to do” with any political campaign, office or government agency.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” Trump wrote in a post on his social media platform Truth Social.
The memecoin, which began selling at $10 each, was trading at around $70 on Sunday. It trimmed some of these gains after the release of incoming US first lady Melania Trump’s coin, $Melania.
At 06:29 ET (11:29 GMT), $Trump was trading at $54.25, giving him a market value of approximately $10.8 billion, according to CoinMarketCap.
Meanwhile, Bitcoin hit a new record on Monday, extending a recent advance in the price of the world’s best-known cryptocurrency since Trump’s victory. Bitcoin, which started last year trading at $43,000, was trading at $108,216.50 as of 06:19 ET.
