The cryptocurrency world is buzzing as Donald Trump, the soon-to-be 47th President of the United States, has launched his own meme coin, $TRUMP. The digital asset has seen an extraordinary reception, debuting on January 18 and attracting billions of dollars in investment within days.
$TRUMP Rockets to $11.74 Billion Market Cap
As of January 20, $TRUMP is trading at $60 per coin, reflecting a 64% increase in just 24 hours. The meme coin reached an all-time high of $75 earlier this week before stabilizing. With a current market capitalization of $11.74 billion and 200 million tokens in circulation, $TRUMP has swiftly climbed the ranks of global cryptocurrencies, securing its position as the 22nd most valuable crypto asset, according to CoinGecko.
Melania Trump Joins the Action with $MELANIA
Adding to the excitement, First Lady Melania Trump launched her own rival cryptocurrency, $MELANIA, which debuted with a stunning 3,000% price surge, peaking at $13.14 before settling at $11.42. Its market cap now stands at $1.62 billion, with 162.21 million coins in circulation. The introduction of these coins has not only grabbed headlines but also rattled the broader crypto market.
Impact on Major Cryptocurrencies
The debut of $TRUMP and $MELANIA has disrupted the crypto ecosystem, diverting significant capital away from market leaders like Bitcoin and Ethereum. Bitcoin is currently trading at $102,115.37, down 2.71% over the last 24 hours, while Ethereum has dropped 0.67%, now valued at $3,273.32. Meanwhile, Solana, which is tied to the blockchain supporting the Trump coins, showed better resilience, trading at $244.44 but still down by 9.23% on the day.
A Divisive Moment for Crypto
The rise of these meme coins has sparked debates among experts and traders. Critics argue that the sudden capital inflow into speculative assets like $TRUMP and $MELANIA reflects the volatility of the crypto space. Richard Galvin, co-founder of hedge fund DACM, noted that other coins are trading “poorly” due to the sheer volume of funds being drawn to Trump-linked tokens.
Crypto Market Dynamics
The global cryptocurrency market has taken a hit, with the total market capitalization down by 3.49% to $3.51 trillion. However, trading volumes have surged by over 82%, suggesting heightened activity driven by the debut of these meme coins.
As $TRUMP and $MELANIA make waves, the crypto industry awaits further developments under Trump’s administration, which has signaled a pro-crypto stance. With significant market activity and growing interest, the next few weeks promise to be pivotal for the cryptocurrency landscape.
