The cryptocurrency market witnessed a dramatic shakeup as former U.S. President Donald Trump and his wife, Melania Trump, introduced their digital tokens, $TRUMP and $MELANIA, respectively. The launches have sent shockwaves through the crypto world, sparking debate about their implications and long-term impact.
$TRUMP, launched on January 17, soared to prominence within hours, achieving a staggering 236 per cent price increase in just one day. Starting at less than $10, the token peaked at $74.59 before stabilizing at $46.93 as of Monday afternoon, boasting a market capitalization of $9.4 billion, according to CoinMarketCap. It now ranks as the 19th largest cryptocurrency, with an astonishing 24-hour trading volume exceeding $41 billion.
Not to be outdone, Melania Trump debuted her cryptocurrency, $MELANIA, on Sunday. The token’s market value quickly surpassed $1 billion, further amplifying the Trump family’s influence on the digital asset market.
The Trump Organisation confirmed that the majority of $TRUMP tokens are held by CIC Digital and Fight, Fight, Fight, two Trump-affiliated entities. The tokens, described as symbolic rather than investment-driven, are positioned as emblems of Trump’s ideals and political brand.
However, the launches have sparked widespread debate. Critics within the crypto industry have raised ethical and regulatory concerns about the Trumps’ entry into the volatile cryptocurrency space. An independent crypto analyst, Justin D’Anethan, remarked, “While it’s tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora’s box of ethical and regulatory questions.”
The excitement surrounding $TRUMP and $MELANIA has coincided with a broader rally in the cryptocurrency market. Bitcoin, the world’s largest cryptocurrency, surged to an all-time high of $109,071.86 during early European trading before stabilizing around $107,600. Analysts attribute part of this surge to the hype generated by the Trump tokens.
The timing of these developments is noteworthy, occurring as Donald Trump prepares to assume office for his second term as President of the United States. Investors are hopeful that his administration will create a crypto-friendly environment, fostering growth and innovation within the sector.
