Trump Dollar Soars 80% Just Hours Before US President-elect Takes Inauguration

On January 20, President-elect Trump's cryptocurrency peaked at $58.56 per coin, attracting billions in trading volume just hours before he was sworn in.

In the trading session on January 20, President-elect Donald Trump's meme coin increased by a record 80%, to $58.56/coin, just hours before he was sworn in. (Source: Indiatoday)

According to CoinMarketCap , in the trading session on January 20 (Asia time), Mr. Trump's meme coin (also known as Trump coin) increased to a record high of 58.56 USD/coin. The increase caused Trump coin to increase its market capitalization to about 11.7 billion USD.

After the price increase, Trump coin ranked 18th in the ranking of the strongest cryptocurrencies. Trump coin's 24-hour trading volume reached 52.2 billion USD.

Previously, on January 17, President-elect Donald Trump launched a cryptocurrency named after him, with an image of himself during the assassination attempt in July 2024, aiming to increase the value of his cryptocurrency.

The President-elect's launch of a meme coin has surprised investors in the cryptocurrency community.

“While Trump’s meme coin launch is undoubtedly impressive, alongside his other impressive “performances,” it also opens a Pandora’s box of ethical and regulatory questions,” said Justin D’Anethan, an independent cryptocurrency analyst based in Hong Kong.

Cryptocurrency represents the incorporation of the decentralized finance (DeFi) world into the political sphere, however, this can also “blur the lines between governance, profit, and influence,” analyst D’Anethan emphasized.

“Should public figures, especially those with political influence, be using this type of influence in speculative markets? That is a question that regulators should not ignore,” Mr. D'Anethan asserted.

Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, also pointed to the surge in the value of the Trump dollar, calling it the “gold” of the digital world on the X platform.

Before taking office, Donald Trump promised to become the “Cryptocurrency President.” The president-elect is expected to issue executive orders to reduce regulatory barriers for cryptocurrencies and promote the widespread adoption of digital assets during his term.

News that regulations surrounding cryptocurrency policies may be loosened in the future has been warmly welcomed by the digital currency community, and has also helped cryptocurrencies recover, especially since Trump's victory in November 2024.

Source: https://baoquocte.vn/dong-trump-tang-vot-80-chi-vai-gio-truoc-khi-tong-thong-dac-cu-my-tuyen-the-nham-chuc-301634.html