Trump’s new crypto token jumps ahead of his inauguration By Reuters

SINGAPORE (Reuters) – Donald Trump’s newly minted cryptocurrency soared on Monday to a record high of $9 billion in market value, taking in billions in trading volume just hours before the election’s return the US President in the White House.

The meme coin, also known as $TRUMP, surged 73% to $46.06 during Asian hours on Monday, giving it a market capitalization of about $9.2 billion, according to CoinMarketCap. Its 24-hour trading volume reached $42.2 billion.

Trump on Friday launched the digital token branded with an image from his July assassination attempt, expanding his cryptocurrency interests to include World Liberty Financial.

Even participants in the cryptocurrency community were surprised by the launch of Trump’s meme coin.

“While it’s tempting to dismiss this as just a Trump spectacle, the launch of the official Trump token opens a Pandora’s box (OTC:) of ethical and regulatory questions,” said Justin D’Anethan, a independent crypto analyst based in Hong Kong.

While the coin represents a fusion of the world of decentralized finance (DeFi) in the political realm, it also “blurs the lines between governance, profit, and influence,” D’Anethan said.

“Should public figures, especially those with such political power, use this type of activity in the speculative markets? That is a question that the regulators may not ignore,” he said.

Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management, pointed to the jump in the value of $TRUMP and called it the new digital gold, on the messaging platform X.

Trump has promised to be a “crypto president”, and is expected to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets.

He is due to assume the presidency at noon ET (1700 GMT) on Monday.