$TRUMP soars to $11 billion market cap ahead of Donald Trump inauguration

Donald Trump launched $TRUMP meme coin on January 17.

Updated on: Jan 20, 2025, 21:42:23 IST

By HT News Desk, New Delhi

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$TRUMP, the cryptocurrency debuted by Donald Trump, soared to nearly $11 billion in market value on Monday, drawing in billions in trading volume, just hours ahead of the US President-elect's return to the White House.

President-elect Donald Trump dances with The Village People at a rally ahead of the 60th Presidential Inauguration. (AP)

Also Read | Trump's crypto holdings, including $TRUMP memecoin, worth $58 billion: Report

Launched on January 17, the $TRUMP ‘meme coin’ stood at $52.71 (approx. ₹4,570) by 12:30 GMT (6 pm IST) on Monday.

This gave $TRUMP a market capitalization of about $10.7 billion, according to crypto tracker CoinMarketGap, which also ranked it as the 18th biggest cryptocurrency.

The digital token has branding including an image from Donald Trump's attempted assassination in July last year. Also, with the meme coin, the Republican expanded his cryptocurrency interests, which already include World Liberty Financial, a crypto project backed by the Trump family.

Also Read | $TRUMP meme coin now available for trading on Robinhood exchange platform

Additionally, 80% of the total number of $TRUMP tokens are owned by CIC Digital LLC, an affiliate of The Trump Organization, and another business called Fight Fight Fight LLC, the token's website shows.

Meanwhile, Melania Trump, too, launched her own cryptocurrency, naming it $MELANIA, debuting it two days after the token created by her better half.

Also Read | $TRUMP and $MELANIA: What are meme coins and how do they work?

Bitcoin at all-time high

Ahead of Donald Trump's swearing-in, Bitcoin also reached an all-time high.

The world's largest cryptocurrency, which has surged more than 10% so far in January, touched a record $109,071.86 in early European trading before falling back to trade around $106,600.

Donald Trump's inauguration

Donald Trump, who is succeeding Joe Biden, defeated outgoing Vice President Kamala Harris in the November 2024 presidential poll.

He will be sworn in at noon local time (10:30 pm IST).

(With Reuters inputs)

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