On Jan. 20, the day Donald Trump was inaugurated as President, the cryptocurrency project World Liberty Finance (WLF) announced it had raised US$300 million in token sales. Simultaneously, the market value of TrumpCoin soared to over US$10 billion.
WLF, co-founded by Trump and Middle East envoy Steve Witkoff, was established two months before the U.S. elections. TrumpCoin launched on Jan. 17 during a conference in Washington, with its price jumping from under US$10 to US$74.59 shortly after.
Melania Trump also launched her cryptocurrency, MELANIA, on Jan. 19, quickly surpassing a market value of US$1 billion. Reports indicate that 80% of Trump Coin is owned by Trump's affiliated company and another entity, with the tokens representing political support rather than traditional investments.
Trump's promise of a "golden age" for cryptocurrency fueled market expectations for relaxed regulations, boosting Bitcoin to US$109,000 on inauguration day. However, this raised concerns about the links between cryptocurrency and politics. Analyst Justin D'Anethan noted that the launch of Trump tokens could create ethical and regulatory challenges, as influential figures may blur the lines between monetary policy and personal influence.
Both cryptocurrencies were issued on the Solana blockchain, which saw its market cap rise to US$159.2 billion, surpassing companies like Pfizer. Nonetheless, concerns over the speculative nature of meme coins persist among economists and investors.
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