Donald Trump’s very own cryptocurrency, $Trump, shot up 1,800 percent after the announcement. This increase comes on the heels of the former president’s exciting announcement. As of today, the total value of all tokens currently in circulation is around $2.5 billion. This move comes on the heels of Trump’s announcement to hold two invitation-only events for elite investors in his cryptocurrency. As a consequence, the price exploded by over 70%, according to data from Coinbase.
The $Trump crypto debuted only a few days before Trump’s inauguration on January 20, 2017. Since then, it has continued to attract attention as the Trump campaign has promoted the former president as the “crypto president.” This self-styled moniker is a testament to his love of crypto and his goals in the cryptocurrency industry.
In addition to Trump’s venture, First Lady Melania Trump launched her own cryptocurrency on the eve of her husband’s inauguration, furthering the family’s involvement in this burgeoning market. The debut of $Trump is a microcosm of what’s been seen in crypto projects this year. All three of these projects though are linked to businesses tied to the Trump family.
Still, even with this recent run-up in worth, $Trump is still well below its all-time high. That peak was only reached a few months after it debuted, in January 2017. At one point, during its height, the cryptocurrency’s price went past $74 (£42.40). This record high highlights the extreme volatility and largely speculative nature of cryptocurrencies. Investors are still figuring how to chart the murky waters of digital currency investment.
Yet, as if by magic, Trump’s nascent media company said it would soon launch its own exchange-traded funds (ETFs) this week. This decision marks an aggressive step towards widening their scope of activity in many financial markets. This latest development will likely generate even more excitement from investors and will have a positive effect on the price of $Trump and all other related cryptocurrencies.