Bitcoin surged to a record high of US$109,396.4 (A$174,361.1) on Monday, propelled by intensified interest in cryptocurrencies just hours before Donald Trump’s inauguration as the 47th president of the United States.
The spike coincided with the launch of Trump’s new cryptocurrency, $TRUMP, which has drawn significant attention from investors and crypto enthusiasts alike.
The $TRUMP coin, introduced as a meme coin over the weekend, quickly gained traction, with its market capitalisation soaring into the billions. Following its launch on Friday, the token climbed from under $10 to $74.59 before retreating to $45.21 by Monday. With a market cap exceeding US$9 billion, it is now ranked among the top 25 cryptocurrencies globally, according to CoinMarketCap.
Since Trump’s election victory, Bitcoin has also experienced a meteoric rise, crossing $100,000 for the first time last month after Trump pledged to position the U.S. as the “crypto capital” of the world. Trump also vowed to add Bitcoin to the U.S. government’s reserves, similar to its gold holdings.
Melania Trump has also joined the crypto craze, launching her own meme coin, $MELANIA, on Sunday. The token saw its market capitalisation surpass $1 billion in a matter of hours and currently sits at US$800.09 million.
Approximately 80% of $TRUMP supply is controlled by Trump-affiliated entities CIC Digital LLC and Fight Fight Fight LLC.
