Trump, Melania's meme coin hits $10.7B as bitcoin sets record

President-elect Donald Trump’s newly launched cryptocurrency, $TRUMP, soared to a market capitalization of nearly USD 11 billion on Monday, accompanied by a surge in trading activity. 

Meanwhile, Bitcoin reached an all-time high, adding to the buzz in the cryptocurrency market just before Trump’s return to the White House as President-elect.

Read more: Trump says “you're welcome” after bitcoin hits $100,000

Launched on Friday, $TRUMP—a meme coin inspired by Trump’s brand and persona—was trading at USD 52.71 by midday Monday, according to CoinMarketCap. 

The token ranked as the 18th largest cryptocurrency, with a 24-hour trading volume of USD 52.5 billion. Over the weekend, the coin peaked at USD 74.59, rising from under USD 10 on Saturday morning.

The first couple’s entry into meme coins

The $TRUMP token debuted with a promotional campaign that featured branding tied to Trump’s public image and past events. Its total supply is capped at 1 billion tokens, with 80 percent currently owned by Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC. Both entities are under a three-year lockup, preventing them from liquidating their holdings all at once.

Additionally, Melania Trump launched her own cryptocurrency, $MELANIA, on Sunday via social media. Her announcement caused a temporary dip in $TRUMP’s price, which fell to USD40 before rebounding to USD 60 early Monday. $MELANIA, meanwhile, was trading at USD 12 with a market cap of USD 1.85 billion.

Both tokens are built on the Solana blockchain and are branded as meme coins—a type of volatile cryptocurrency tied to internet or cultural trends. While they lack intrinsic value, they often gain traction due to viral marketing and community engagement.

Social media users reacted to the news with a mix of surprise and criticism, noting that Trump may have cemented himself as one of the top 20 richest Americans following the launch of his meme coin, $TRUMP, during an inauguration party. 

President-elect Donald Trump’s newly launched cryptocurrency, $TRUMP, soared to a market capitalization of nearly USD 11 billion on Monday, accompanied by a surge in trading activity. 

Hey guys, Donald Trump didn’t bring peace to Ukraine as he promised but Melania Trump just dropped her own meme coin after Donald Trump dropped his and they are making billions. Sorry about those egg prices. Hawk Tuah the moon!!! pic.twitter.com/xfkXnSii4p

— Ben Meiselas (@meiselasb) January 19, 2025

Instead of lowering prices or ending war in Ukraine, Trump is selling “meme coins” right before the inauguration. He doesn’t give a crap about our country. The world is laughing at us. pic.twitter.com/gm44mb8FVx

— Ben Meiselas  (@meiselasb) January 18, 2025

“Celebrating our values”

Trump described $TRUMP as a celebration of his leadership and ideals, encouraging supporters to join the "Trump Community." 

The coin’s website emphasizes that it is not an investment opportunity but a way for users to engage with Trump’s values. Similarly, $MELANIA's website highlights its role as a tribute to the former First Lady’s personal brand.

Bitcoin hits record high

Amid the hype surrounding $TRUMP and $MELANIA, Bitcoin surged to a record USD 109,071.86 in early European trading on Monday before stabilizing around USD 106,600. The world’s largest cryptocurrency has gained more than 10 percent this month, reflecting growing investor interest in the sector.

The sudden emergence of Trump’s meme coins has surprised even seasoned cryptocurrency enthusiasts, highlighting the growing intersection of politics, branding, and blockchain technology.