Bitcoin hit an all-time high on Monday, but now more attention appears to be focused on the new cryptocurrency launched by U.S. President-elect Trump and his family.
Trump’s meme token “$TRUMP” saw its market value surge to nearly $12 billion on Monday, hours before he returned to the White House.
Trump Coin, which launched on Friday, soared to $58.56 by 0820 GMT on Monday, giving it a market capitalization of about $11.7 billion, ranking it as the 18th largest cryptocurrency, according to CoinMarketCap. Its 24-hour trading volume reaches $52.5 billion.
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Trump has launched branded digital tokens that include images of his July assassination attempt, expanding his cryptocurrency interests, which already include World Freedom Financial Corporation.
The token’s website states that 80% of the total number of tokens is owned by CIC Digital LLC, an affiliate of The Trump Organization, and another company called Fight Fight Fight LLC.
Melania Trump launches her own cryptocurrency It was trading at about $12.03 on Sunday as of 0820 GMT, giving it a market capitalization of $1.9 billion, according to CoinMarketCap.
Meanwhile, Bitcoin hit a new all-time high of $109,071.86 in early European trading. The world's largest cryptocurrency has soared more than 10% so far this month.
“The incoming president is blatantly profiteering.”
Even participants in the cryptocurrency community were surprised by the launch of the Trump meme coin.
this new york times Ethics experts said Saturday the move was “an attempt to profit from the office he will soon occupy again.”
The coin introduced by Trump and his family was “immediately condemned by ethics lawyers, who said they could not recall a more explicit act of profiteering by the incoming president,” the report said.
“This is essentially cashing out the presidency — creating a financial instrument so people can move money to members of the president's family who are connected to the office of the president. It's unprecedented,” it said, citing the nonprofit ethics group Campaign Legal Center. Words of Director Adav Noti.
Troy Miller is a writer Brave new coins The incoming president engaged in an almost demonic power struggle at a black-tie crypto ball on Friday, the website said.
“During the culmination of this exclusive event, as crypto’s elite and Trump’s closest allies gathered under one roof, Trump pulled off a nefarious move straight out of Game of Thrones. red wedding script. He launched $TRUMP and its valuation almost immediately soared to a staggering $15 billion, catching attendees off guard.
“Trump flipped the script and launched the fastest $15 billion meme coin ever, without letting anyone in the room know first. What was supposed to be a celebration of unity and inclusion turned into a betrayal. A masterpiece. It was a ruthless display of power that reminded everyone that the real game was his.
“Pandora's box of moral issues”
Other commentators seemed less surprised or excited.
“While it would be easy to dismiss this as another Trump spectacle, the launch of Trump's official token opens a Pandora's box of ethical and regulatory issues,” said Justin D'Anethan, an independent cryptocurrency analyst based in Hong Kong. told Reuters.
D'Anethan said that while the token represents the convergence of the decentralized finance (DeFi) world with the political arena, it also “blurs the lines between governance, profit and influence.”
“Should public figures, especially those with such political influence, exercise such influence in speculative markets? This is an issue that regulators are unlikely to ignore,” he said.
The Guardian points out that the Trump Meme Coin website contains a disclaimer stating: “Trump Memes are intended to express support for and participation in the ideals and beliefs embodied in the '$Trump' symbol and related artwork, and are not intended to express support for Support and participation in the ideals and beliefs embodied in the '$Trump' symbol and associated artwork.
“GetTrumpMemes.com is not political and is not affiliated with any political movement, any political office or government agency.”
Melania Trump’s memecoin website allegedly has a similar disclaimer.
Trump, who has promised to become a “crypto president,” is expected to issue executive orders aimed at reducing regulatory barriers to cryptocurrencies and promoting widespread adoption of digital assets.
He will be sworn in as president at noon Eastern Time (1700 GMT) on Monday.
The prospect of deregulation surrounding cryptocurrency policy has been enthusiastically welcomed by the industry and has given a boost to cryptocurrency policy. Bitcoin rebounds After Trump won the election in November.
- Reuters With additional input and editing by Jim Pollard
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