Trump’s cryptocurrency attracts billions in trading volume, as Bitcoin declines

2 weeks ago

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Trump's cryptocurrency attracts billions in trading volume, as Bitcoin declines

The digital currency, which was launched for the first time by US President-elect Donald Trump, caused widespread shock Cryptocurrency market, attracting billions of dollars in trading volume while raising concerns about conflicts of interest.

Trading under the “Trump” token on the Solana blockchain, the coin’s market value rose to US$15 billion over the weekend, after the Republican promoted it on his social media accounts on Friday, data from CoinMarketCap showed.

The digital asset’s market value fell below $10 billion on Sunday in New York after Trump’s wife, Melania, also unveiled a coin, attracting traders seeking to profit from the fast-changing speculative demand for memes.

Meanwhile, the broader cryptocurrency market suffered over the weekend, including a decline in the largest token, bitcoin, and a decline in the second-placed formation of ether. SOL, the cryptocurrency asset tied to the Solana digital ledger that hosts Trump meme coins, bucked the trend and surged.

Richard Galvin, co-founder of hedge fund DACM, said the “volume of capital flowing” into the Trump token left most other coins trading “poorly” with the exception of SOL and some related assets.

The president-elect’s website described it as “Trump’s only official meme.” The project’s art features an illustration of the incoming US president raising his fist in the air – a reference to his reaction in the aftermath of the attack. An attempt to assassinate him During an election campaign last year.

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