Donald Trump's cryptocurrency has given a fresh fillip to the digital coin market, registering a near 100 per cent rise in its price since its launch on Friday.
On Monday, its market value soared to nearly $12 billion, or Rs 1,03,729 crore.
Bitcoin, the largest cryptocurrency, continued its rally that began with Trump' winning the US presidential election last year, crossing Rs 1 crore-mark.
The President-elect's meme coin, $TRUMP, traded at Rs 5,210 on Monday, down from its since-launch high of Rs 7,244.
Trump launched the coin on Friday bearing his image from his attempted assassination last July and the words "Fight Fight Fight". The latest coin comes in addition to World Liberty Financial, another coin he launched in 2024.
According to Trump coin's website, of the total number of tokens, 80 per cent are owned by CIC Digital LLC, an affiliate of The Trump Organization, and another business called Fight Fight Fight LLC.
The coin currently ranks at 18 in terms of market value. There are 200 million Trumps currently in supply, which is capped at 1,000 million.
Melania Trump, the soon-to-be First Lady, on Sunday launched her own cryptocurrency, which was trading at just under Rs 1,000, according to Indian crypto exchange CoinDCX.
Trump's wading into the digital coin market, known for its dizzying highs, frequent frauds, rugpulls, and extremely speculative nature, has stoked ethical concerns.
Justin D'Anethan, an independent crypto analyst based in Hong Kong told Reuters, "The launch of the official Trump token opens up a Pandora's box of ethical and regulatory questions" and "blurs the lines between governance, profit, and influence."
He added, "Should public figures, especially those with such political clout, wield this kind of sway in speculative markets? That's a question regulators are unlikely to ignore."
In the run-up to his presidential campaign, Trump promised to be a "crypto president" and flagged off a crypto bull run that continues to date.
He is expected to issue executive orders to remove crypto regulatory roadblocks and promote widespread adoption of digital assets.
Trump's inauguration ceremony is set to begin at 10.30 PM IST.
Image Source: Unsplash
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