Donald Trump Meme Coin Gets $11 Billion Market Cap, Drives Crypto Market – Check How Bitcoin, Ethereum, and Solana Are Performing

United States President-elect Donald Trump’s new coin debuted on January 18 in cryptocurrency markets and attracted billions of dollars of investment. At the time of writing on January 20 (IST), $TRUMP was trading at $60, up more than 64% from the previous day, but below its high of $75, according to data from Coinmarketcap.

The market capitalization of Trump’s meme coin was estimated at $11.74 billion, also up more than 64% from the previous day. There are currently 200 million Trump meme coins in circulation in the crypto market.

Donald Trump could be one of the richest people in the world

According to CoinGecko, $TRUMP is currently the 22nd most valuable form of crypto in the world, while $MELANIA is the 94th most valuable, placing them among the richest in the world.

The Trump family’s crypto tokens have led to a significant increase in new US President Donald Trump’s wealth, making him one of the richest people in the world, according to a New York Times report.

At one point over the weekend, the value of $TRUMP hit $15 billion amid skyrocketing trading volumes and interest, before sliding to $10 billion on Sunday (January 19), according to a Bloomberg report.

Notably, $TRUMP fell from its high level of $75 after future first lady Melania Trump announced her own rival crypto coin, $MELANIA and withdrew millions in a 3,000 percent jump at the open when it reached a high of $13.14 each. At the time of writing, Melania Trump’s coin is trading at $11.42 with a market cap of $1.62 billion, according to Coinmarketcap data. The circulating supply of the coin is 162.21 million units.

Trump Meme Coins Shake Up Big Players

According to the Bloomberg report, the debut of Donald and Melania Trump’s meme coins shook the broader cryptocurrency market. The two market leaders, Bitcoin and Ether, suffered big hits, while other big names, XRP and Tether, also fell.

Solana, whose associated blockchain is used for Trump meme coins, performed better than other major cryptocurrencies over the weekend, he added.

According to data from coinmarketcap, the global crypto market cap stands at $3.51 trillion this morning, down 3.49% from the last day. However, the total crypto market volume increased by 82.31% over the past 24 hours to $348.81 billion.

Bitcoin

At the time of writing, Bitcoin was trading at $102,115.37, down 2.71% from the previous day. The market capitalization also fell 2 percent to $2.02 trillion, while volume over the past 24 hours jumped 80.95 percent to $90.83 billion, according to Coinmarketcap.

Furthermore, the dominance of the world’s largest cryptocurrency, Bitcoin, is 57.33 percent, an increase of 0.28 percent on the day.

Ethereum

Ethereum, the second largest cryptocurrency, is trading at $3,273.32 today, down 0.67% from the previous day. The market capitalization is also down from the previous day, at $394.44 billion, while trading volume jumped 90.52 percent in the last 24 hours.

Solana

Solana is at $244.44 at the time of writing, down 9.23 percent from the previous date, with a market cap of $118.94 billion (down 9.51 percent) and a 24-hour trading volume of $35.76 billion (up 48.64 percent).

Sydney-based Richard Galvin, co-founder of hedge fund DACM, told Bloomberg that crypto coins were trading “poorly” due to “the size of capital flowing” into Trump tokens. Trump’s representatives did not respond to questions, the report added.

Reactions to $TRUMP and $MELANIA split

Meanwhile, crypto investors remain in “party mode,” awaiting Trump’s executive orders that will reduce regulatory hurdles and drive widespread adoption of digital assets, according to a Reuters report.

While crypto fans and enthusiasts have praised Donald Trump and his family’s “business acumen” in making crypto decisions, critics have questioned ethics and even conflicts of interest arising from the assets.

Trump has promised to usher in pro-crypto regulations and has appointed a host of pro-crypto names to key positions in his administration.

(With contributions from agencies)