Trump meme coin creates billions out of thin air, shaking up the cryptocurrency market

A digital code first introduced by the president-elect Donald Trump And it shook Cryptocurrency market, attracting billions of dollars in trading volume while raising concerns about conflicts of interest.
Trading under the symbol “Trump” on Solana BlockchainThe coin’s market value rose to $15 billion over the weekend, according to data from CoinMarketCap, after the Republican promoted it on his social media accounts on Friday.
The digital asset’s market value then 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 faced difficulties over the weekend, including a decline in the largest token, Bitcoin, and a decline in the formation of Ethereum in second place. SOL, the crypto asset tied to the Solana digital ledger that hosts Trump meme coins, bucked the trend and rose.
Speculative flows
Richard Galvin, co-founder of hedge fund DACM, said the “volume of capital flowing” into the Trump token left most other tokens trading “poorly” outside of SOL and some related assets.
The president-elect’s website describes 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 following an attempt on his life during a campaign rally last year.
The small print on the site notes that the president-elect’s token is not intended to be “an investment opportunity, investment contract, or security of any kind.” However, crypto-minded Trump fans started buying immediately. Major exchanges like Coinbase Global Inc. said… and Binance Holdings Ltd. Over the weekend it intends to list the token on its platforms.
The Melania Project website also says the token is not meant to be an investment opportunity or security, adding that “Melania memes are digital collectibles intended to serve as an expression of support and engagement with the values ​​embodied by the Melania Token.”
Hug Trump
Trump made clear overtures to the cryptocurrency industry in the months before and after his election. Bloomberg News previously reported that he is considering issuing an executive order designating the asset class as a “national priority.”

The president-elect’s previous forays into cryptocurrency include lucrative collections of non-fungible digital currencies, and digital collectibles that show him in a variety of poses and costumes, including as a superhero. Along with his sons, he also endorsed World Liberty Financial, a venture that received much media coverage but whose details remain scarce.
Trump’s representatives did not respond to requests for comment.
Cryptocurrencies are best known for their meme coins, tokens with questionable inherent value that sometimes rise briefly if they encounter a tailwind on social media before sliding as attention turns elsewhere.
The Trump token was trading at around $39 as of 7:30 a.m. Monday in Singapore, down from the previous peak of $75.35. Bitcoin fell to $100,000, Ethereum traded at $3,161, and SOL’s cold rally left the digital asset at around $240.