Bitcoin, meme coins surge before Trump’s inauguration
Date
1/21/2025 2:13:14 AM
(MENAFN) Bitcoin reached historic highs on Monday, reflecting growing enthusiasm for cryptocurrencies ahead of Donald Trump’s US presidential inauguration, with the incoming president becoming a vocal supporter of digital currencies. Alongside Bitcoin, meme coins linked to Trump and his wife Melania have also seen a significant increase in value.
The TRUMP coin, launched on January 18, experienced a dramatic surge, climbing by 700% in just two days. Over the past 24 hours, the coin fluctuated between USD38 and USD75, with a market cap nearing USD11 billion and a 24-hour trading volume of USD47.4 billion.
MELANIA, another meme coin introduced by Melania Trump just 12 hours ago, also soared by 50 percent, reaching USD11. The coin’s market cap is at USD2.13 billion, with transaction volume reaching USD4.55 billion.
It is highly unusual for the family of an incoming US president to promote such products, but Trump, outside of the presidency, has made headlines for selling various items, including Bibles, non-fungible tokens (NFTs), and sneakers.
Following Trump’s victory in the November elections, the cryptocurrency market has been optimistic about favorable developments for digital currencies. Trump previously pledged that the US would become the “crypto capital” of the world, stating last July, “If crypto is going to define the future, I want it mined, minted, and made in the USA. It is not going to be made anywhere else.”
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