Donald Trump’s Meme Coin Gets $11 Billion Market Cap, Drags Cryptocurrency Market – Check How Bitcoin, Ethereum, and Solana Are Performing

President-elect of the United States Donald TrumpThe new meme coin debuted on January 18 on cryptocurrency markets and attracted billions of dollars in investments. At the time of writing on January 20 (IST), the Trump dollar was trading at $60, up more than 64 percent from the previous day but below its peak of $75, according to CoinMarketCap data.

Trump’s market value Meme coin It was pegged at $11.74 billion, also up more than 64 percent from the previous day. There are 200 million Trump Meme coins in circulation in the cryptocurrency market right now.

Donald Trump may be among the richest people in the world

According to CoinGecko, $TRUMP is currently the 22nd most valuable form of Bitcoin encryption In the world while Melania ranks 94th in terms of value, making it among the richest currencies in the world.

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

At one point over the weekend, Trump’s worth reached $15 billion amid a spike in trade volumes and interest before falling to $10 billion on Sunday (January 19), according to a Bloomberg report.

Notably, Trump’s price fell from a high of $75 after she soon became First Lady Melania Trump It announced its own rival cryptocurrency, $MELANIA, and made millions with a 3,000 percent jump at the open when it reached a high of $13.14 each. At the time of writing, the Melania Trump 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 big players

According to a Bloomberg report, Donald and Melania Trump’s cryptocurrency debut has shaken the broader cryptocurrency market. Both market leaders, Bitcoin and… etherwas a huge success, with other leading names, such as XRP and Tether, declining.

She added that Solana, whose linked blockchain is used in Trump’s meme coins, performed better than other cryptocurrencies over the weekend.

According to Coinmarketcap data, the global cryptocurrency market capitalization this morning reached $3.51 trillion, a decrease of 3.49 percent from last day. However, the total cryptocurrency market volume rose by 82.31 percent over the past 24 hours to reach $348.81 billion.

Bitcoin

At the time of writing, Bitcoin It traded at $102,115.37, down 2.71 percent from the previous day. The market cap also fell by 2 percent to $2.02 trillion, while volume over the past 24 hours rose by 80.95 percent to $90.83 billion, according to Coinmarketcap.

Moreover, the dominance of the world’s largest cryptocurrency, Bitcoin, stands at 57.33 percent, an increase of 0.28 percent on the day.

Ethereum

The second largest Cryptocurrency Ethereum is trading at $3,273.32 today, down 0.67 percent from the previous day. The market capitalization also fell from the previous day to $394.44 billion, while trade volume rose by 90.52 percent over the past 24 hours.

Solana

Solana is priced 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 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 cryptocurrencies are trading “poorly” because of the “volume of capital flowing” to Trump. Symbols. The report added that Trump’s representatives did not respond to inquiries.

Reactions to $TRUMP and $MELANIA are divided

Meanwhile, encryption Investors Remaining in “party mode,” awaiting executive orders from Trump that would reduce regulatory barriers and promote widespread adoption of digital assets, according to a Reuters report.

While fans and cryptocurrency enthusiasts praised the “business savvy” of Donald Trump and his family in making… encryption Because of the decisions, critics have questioned the ethics and even conflicts of interest arising from the assets.

Trump has promised to introduce cryptocurrency-friendly regulations and has nominated a host of pro-crypto names to key positions in his administration.

(With inputs from agencies)