Trump's Cryptocurrency Jumps on First Day of Trading

The market value of US President-elect Donald Trump's cryptocurrency, $TRUMP, jumped after he launched it on Saturday, making it one of the top 20 cryptocurrencies by market value and one of the most successful cryptocurrency launches.

In less than 24 hours, $TRUMP's value rose from just a few cents to $33.87, or 18,000%, before falling back to $26 with a market cap of over $5 billion.

Trump coin jump

At the time of writing this report, the currency continued to rise, as its value increased by 217.21% in the last 24 hours to $68.66, thus the market value jumped to $19.87 billion.

The announcement comes a day before Trump is inaugurated for a second term as US president. Trump personally unveiled the currency via his Truth Social and X accounts on Friday evening, while industry heavyweights celebrated his return to office at the inaugural Crypto Ball in Washington, D.C.

Trump has promised to be the most crypto-friendly president in history, vowing to reverse his predecessor Joe Biden’s aggressive regulatory crackdown on the sector, which led many U.S. companies to move their operations overseas.

Attendees at the event included CEOs of various crypto platforms, politicians, a handful of Trump's new cabinet members, and his son, Donald Trump Jr.

Many of the attendees of the ceremony were skeptical of the news, expecting that the president-elect's accounts had been hacked.

Most famous meme

Trump has not commented on the coin since its announcement, but his son Eric Trump posted on X on Saturday afternoon that the coin was "the most famous digital meme on Earth," before the president-elect's X account retweeted his son's comments.

The term "meme" refers to assets that gain their popularity from social media or online references, rather than through a specific financial or artistic performance.

Experienced investors are often wary of meme coins, not only because of their large price fluctuations, but also because of their tendency to be associated with those looking to make quick money from overzealous investors.

Source: Fox America