On Monday, the market value of a new cryptocurrency, $Trump, soared to more than $10 billion as Donald Trump began his second term as president of the United States.
The crypto, which launched on January 20, saw significant trading volume that contributed to its rapid rise, while hitting an all-time high just hours before Trump’s inauguration.
The “meme coin,” as it is colloquially known, saw a meteoric rise from less than $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 businesses into the cryptocurrency space through World Liberty Financial.
In the same vein, Melania Trump presented her own cryptocurrency, $MELANIA, on Sunday. It also saw a significant rise in price, quickly reaching a market capitalization of over $1 billion. The majority of $Trump tokens, approximately 80%, are held by CIC Digital, which is affiliated with Trump’s business operations, and another entity named Fight, Fight, Fight.
The official $Trump website states that the coins represent “an expression of support and commitment to the ideals and beliefs embodied in the symbol ‘$TRUMP'” and clarifies that they should not be considered an investment or a title.
Crypto payments app Oobit has announced that $Trump is now usable for contactless payments, enabling everyday purchases with the Solana-based memecoin.
This development was highlighted by the idea 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” to the cash register. .
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