1/21/2025–|Last updated: 1/21/202510:36 AM (Mecca time)
The value of US President Donald Trump’s new cryptocurrency rose to more than $10 billion on the market on Monday, while enthusiasm for his pro-cryptocurrency administration briefly helped lift Bitcoin to a new record high.
Trump’s so-called “meme currency” was launched on Friday night, rising from less than $10 on Saturday morning to $74.59 before giving up some of its gains yesterday, Monday.
Meme currencies are digital currencies that are often inspired by memes and jokes on the Internet.
Cryptocurrency price tracking platform CoinGecko reported that the token, branded ($Trump) and criticized by ethics experts, hit $33.88 in most recent trading.
World Liberty Financial, a separate crypto project linked to Trump, also announced Monday that it had completed an initial token sale, raising $300 million, and would look to issue additional tokens.
A golden age of cryptography
Trump’s expanding interest in cryptocurrencies comes as his administration is widely expected to herald a “golden age” for cryptocurrencies, in stark contrast to the regulatory scrutiny the industry saw under former President Joe Biden.
Bitcoin – the largest cryptocurrency in the world – reached a new record of $109,71 on Inauguration Day when Trump was sworn in as President of the United States, before these gains were later reduced to record $101,867.40 in the latest trading.
“The cryptocurrency market has gained additional popularity in recent hours due to the launch of the Trump and Melania cryptocurrencies just before the inauguration,” Grigorz Drozd, market analyst at Konotoxia, said in a statement.
The Trump and Melania encrypted currencies were issued on the Solana cryptocurrency blockchain. The Melania Coin was launched on Sunday.
The price of the Solana coin also rose at the beginning of this week, reaching an all-time high of $294.33 on Sunday.
The Trump token was launched on Friday and traded for less than $10, but rose quickly, peaking at $72.62 on Sunday.
It declined yesterday, Monday, as it fell from $52.15 to trade in the $30 range late in the day.
