On Monday, the market value of a newly minted cryptocurrency, $Trump, soared to more than $10 billion as Donald Trump began his second term as president of the United States.
The cryptocurrency, which launched on January 20, saw substantial trading volume that contributed to its rapid rise, while also hitting a record high just hours before Trump’s inauguration.
The “meme coin,” as it is colloquially known, witnessed a meteoric rise from below $10 on Saturday morning to a high of $74.59, although it later retracted some of those gains.
The launch included branding featuring an image of an assassination attempt on Trump in July, marking an expansion of his ventures into the cryptocurrency space through World Liberty Financial.
In related news, Melania Trump on Sunday unveiled her own cryptocurrency, $MELANIA. It also experienced a significant price increase, quickly reaching a market capitalization of over $1 billion. The majority of $Trump tokens, around 80%, are held by CIC Digital, which is affiliated with Trump’s business efforts, and another entity called Fight, Fight, Fight.
The official $Trump website states that the coins represent “an expression of support and commitment to the ideals and beliefs embodied by the ‘$TRUMP’ symbol” and clarifies that they should not be considered an investment or security.
Crypto payments app Oobit announced that $Trump can now be used for direct payments, enabling daily purchases with Solana-based memecoin.
This development was highlighted by the notion of using $Trump to pay for items at fast food chains, such as McDonald’s (NYSE:), with one tweet suggesting the ease of saying “I’ll pay with TRUMP” at the checkout. .
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