Crypto Revolution: Trump's Meme Coin Takes the Market by Storm

Donald Trump's newly-launched cryptocurrency, $TRUMP, surged to a $12 billion market value amid significant trading volume. This controversial digital token, owned primarily by Trump's affiliated businesses, has stirred ethical and regulatory questions in the cryptocurrency realm. Meanwhile, Melania Trump introduced her own cryptocurrency.

Donald Trump's latest venture into the financial world, his newly-minted cryptocurrency known as $TRUMP, rocketed to nearly $12 billion in market value on Monday, pulling in billions in trading volume just as bitcoin reached a record high ahead of Trump's return to the White House.

Launched last Friday, the meme coin surged to $58.56, earning it the 18th spot among top cryptocurrencies with a 24-hour trading volume hitting $52.5 billion, according to CoinMarketCap. The token, primarily owned by CIC Digital LLC and Fight Fight Fight LLC, provoked a robust reaction within the crypto community.

Industry experts, while acknowledging the token's market impact, voiced concerns over the ethical implications of its launch by a prominent political figure. Analysts warn the blending of politics and decentralized finance could lead to regulatory complexities.

(With inputs from agencies.)