Singapore, Jan 20 (Reuters) - Donald Trump's newly launched cryptocurrency saw a surge in market value on Monday, reaching nearly $12 billion and attracting billions in trading volume. Meanwhile, bitcoin reached a record high just before the U.S. President-elect's return to the White House.
Introduced on Friday, Trump's meme coin, known as $TRUMP, peaked at $58.56 at 0820 GMT on Monday, with a market capitalization of around $11.7 billion, ranking it as the 18th largest cryptocurrency. Its 24-hour trading volume hit $52.5 billion.
Of the total token supply, 80% is controlled by CIC Digital LLC, an affiliate of Trump's company The Trump Organization, and another entity named Fight Fight Fight LLC.
Melania Trump also unveiled her own cryptocurrency on Sunday, trading at approximately $12.03 with a market cap of $1.9 billion at 0820 GMT, according to CoinMarketCap.
Bitcoin reached a new all-time high of $109,071.86 during early European trading, showing a surge of over 10% this month.
The launch of Trump's meme coin surprised the cryptocurrency community. Justin D'Anethan, an independent crypto analyst in Hong Kong, pointed out ethical and regulatory concerns, stating, "The launch of the official Trump token opens up a Pandora's box of ethical and regulatory questions [...] blurring the lines between governance, profit, and influence."
Peter Schiff, chief economist at Euro Pacific Asset Management, referred to the rise in $TRUMP's value as the new digital gold on messaging platform X.
Trump's plans to become a "crypto president" include executive orders aimed at easing regulatory obstacles in the crypto space and promoting broader adoption of digital assets, set to take effect at noon ET (1700 GMT) on Monday.
The crypto industry's positive response to the anticipated relaxation of crypto regulations following Trump's election victory in November has fueled a surge in bitcoin prices.