{"id":219496,"date":"2025-01-20T04:58:07","date_gmt":"2025-01-20T04:58:07","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/01\/20\/trumps-meme-coin-creates-billions-from-thin-air-rattles-cryptocurrency-market-the-times-of-india\/"},"modified":"2025-01-20T04:58:07","modified_gmt":"2025-01-20T04:58:07","slug":"trumps-meme-coin-creates-billions-from-thin-air-rattles-cryptocurrency-market-the-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/01\/20\/trumps-meme-coin-creates-billions-from-thin-air-rattles-cryptocurrency-market-the-times-of-india\/","title":{"rendered":"Trump\u2019s meme coin creates billions from thin air, rattles cryptocurrency market – The Times of India"},"content":{"rendered":"
\"Trump\u2019s<\/div>


\n<\/p>\n

\n
\n
\n
\n
\n
\n
\n
<\/div>\n<\/div>\n<\/div>\n
Trump made explicit overtures to the crypto industry in the months before and after his election.<\/span><\/div>\n<\/section>\n<\/div><\/div>\n<\/div>\n

A digital token debuted by President-elect Donald Trump<\/a> has rattled the cryptocurrency<\/a> market, attracting billions of dollars of trading volume while stoking concerns about conflicts of interest.
Trading under the \u201cTrump\u201d ticker on the Solana blockchain, the token\u2019s market value surged to $15 billion over the weekend, data from CoinMarketCap show, after the Republican touted it on his social media accounts on Friday.
The digital asset\u2019s market capitalization then slid below $10 billion on Sunday in New York after Trump\u2019s wife Melania also unveiled a coin, drawing traders who seek to capitalize on rapidly shifting speculative demand for memes.
Meanwhile, the wider crypto market struggled over the weekend, including a dip in the largest token, Bitcoin, and a shaper retreat for second-ranked Ether. SOL, the cryptoasset associated with the Solana digital ledger hosting the Trump meme coins, bucked the trend and posted a rally.
Speculative flows<\/span>
The \u201csize of the capital flowing\u201d to the Trump token left most other coins trading \u201cpoorly\u201d outside of SOL and some related assets, said Sydney-based Richard Galvin, co-founder of hedge fund DACM.
The website for the president-elect\u2019s token describes it as the \u201cthe only official Trump meme.\u201d The project\u2019s art features an illustration of the incoming US president with his fist in the air \u2014 a reference to his response in the aftermath of an attempt on his life during a campaign rally last year.
The small print on the website states the president-elect\u2019s token isn\u2019t intended to be an \u201cinvestment opportunity, investment contract, or security of any type.\u201d Still, crypto-minded Trump fans immediately started buying. Major exchanges like Coinbase Global Inc. and Binance Holdings Ltd. said during the weekend they intended to list the token on their platforms.
The website for Melania\u2019s project also says that the token isn\u2019t supposed to be an investment opportunity or security, adding that \u201cMelania memes are digital collectibles intended to function as an expression of support for and engagement with the values embodied by the symbol MELANIA.\u201d
Trump\u2019s embrace<\/span>
Trump made explicit overtures to the crypto industry in the months before and after his election. Bloomberg News has previously reported that he\u2019s considering an executive order designating the asset class a \u201cnational priority.\u201d<\/p>\n

The president-elect\u2019s previous forays into crypto include profitable collections of nonfungible tokens, digital collectibles that show him in a variety of poses and costumes, including as a superhero. Along with his sons, he\u2019s also endorsed World Liberty Financial, a project that has been much-hyped but for which details remain scarce.
Representatives for Trump didn\u2019t return requests for comment.
Crypto is notorious for meme coins, tokens with questionable inherent value that sometimes briefly surge if they catch a social media tailwind before sliding as attention turns elsewhere.
The Trump token traded at about $39 as of 7:30am on Monday in Singapore, down from an earlier peak of $75.35. Bitcoin slid to $100,000, Ether changed hands at $3,161 and a cooling SOL rally left the digital asset at roughly $240.<\/div>\n