Donald Trump's meme coin soars on his first day in office, lifts up other cryptocurrencies

The optimism towards the crypto market due to Donald Trump's re-election also resulted in other cryptocurrencies soaring. Bitcoin for example, hit a record high

Updated on: Jan 21, 2025, 10:37:07 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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US President Donald Trump's new crypto token, $TRUMP touched more than $10 billion in market value on Monday, January 21, 2025.

A cartoon image of US President-elect Donald Trump with cryptocurrency tokens, depicted in front of the White House to mark his inauguration, displayed at a Coinhero store in Hong Kong, China, on Monday, Jan. 20, 2025. Bitcoin reached an all-time high as the US prepares to inaugurate pro-crypto President-elect Donald Trump. (Paul Yeung/Bloomberg)

However, the optimism surrounding his re-election towards the crypto market has also resulted in other cryptocurrencies soaring. Bitcoin, for instance, hit a new record high.

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This is in sharp contrast to the regulatory scrutiny the crypto industry faced under the presidency of Joe Biden.

Trump's new meme coin was launched on Friday night and surged from less than $10 on Saturday morning to as much as $74.59 before giving up some of its gains on Monday, according to a Reuters report.

It is currently trading at $33.69 a piece on CoinGecko. This is down 31.2% from the previous day.

Meanwhile Bitcoin, the world's largest cryptocurrency hit a record high of $109,071 on Trump's inauguration day as the 47th President of the US.

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It later lost some of those gains, and is now trading at $102,302.75, according to Bloomberg data. This was a loss of $191.88 or 0.19% from Monday.

Even the Solana coin rose to a record high of $294.33 on Sunday. Both the $TRUMP and $MELANIA meme coins were built on the Solana platform.

"I think in the short term there's a chance this could be a sell the news event," the Reuters report quoted Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital as saying. “Bitcoin has already retreated.... We are expecting further volatility here and likely a selloff.”

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Currently around 80% of Trump's coins are owned by CIC Digital which is an affiliate of Trump's business and another entity called Fight, Fight, Fight.

Trump's net worth is estimated to be $7.16 billion, according to the Bloomberg Billionaires Index. His wealth has also grown by $680 million year-to-date, according to the index.

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HT News Desk
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