Bitcoin, the world’s leading cryptocurrency, reached a record high on Monday morning, surpassing $109,900 (€106,485). Meanwhile, the President’s newly launched meme coin achieved billions of dollars in sales within just two days, fueling optimism about the administration's crypto-friendly policies.
"The cryptocurrency market has shown exceptional volatility, with total capitalization hitting $3.72 trillion (€3.63 trillion) on Monday morning," noted Alex Kuptsikevich, chief market analyst at FxPro. He added that enthusiasm around digital assets could drive further gains.
Bitcoin’s rally has been ongoing since the election, climbing from approximately $70,000 (€67,825) in November to over $100,000 (€96,893) in just two months.
Meme Coins Drive Market Excitement
The President, prior to his inauguration, launched a meme coin on Friday, dubbed $Trump. Initially priced at $6 (€5.81), the token soared to $75.35 (€73.01) over the weekend. Approximately 80% of the coins are held by a private entity linked to the President's family business.
Adding to the market frenzy, the First Lady introduced her own token, $MELANIA, on Sunday, doubling its value to reach a market capitalization exceeding $2 billion (€1.9 billion).
The combined value of the President’s token peaked at over $14 billion (€13.6 billion) before stabilizing at $10 billion (€9.7 billion) by Monday morning, as reported by CoinMarketCap.
Critics, however, have questioned whether these initiatives represent financial opportunism tied to the President’s political position.
A Shift in Approach Toward Cryptocurrency
Despite his past skepticism of Bitcoin, calling it a “scam,” the President has embraced digital currencies with enthusiasm. On the campaign trail, he pledged to establish the US as the global hub for cryptocurrency innovation.
Key promises included the creation of a Strategic Bitcoin Reserve and the implementation of regulatory frameworks supportive of the industry. The administration’s leadership picks for Treasury, Commerce, and the SEC feature strong proponents of cryptocurrency.
To celebrate the occasion, the cryptocurrency community hosted a "Crypto Ball" over the weekend, featuring exclusive performances and tickets priced in the thousands. The event was sold out, further highlighting the growing influence of digital currencies.
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