The cryptocurrency '$TRUMP' issued by President Donald Trump has a market capitalization of about $15 billion, making it one of the world's leading cryptocurrencies. However, some experts are critical of its 'meme coin' nature.
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It has been reported that the fully diluted valuation (FDV) of $TRUMP, a unique cryptocurrency issued by President Donald Trump on January 18, 2025, temporarily exceeded $45 billion (approximately 7 trillion yen), making it the 24th most valuable cryptocurrency in the world. While it is expected that the issuance of $TRUMP and efforts on cryptocurrency policy will bring a boom to the cryptocurrency market, it has been reported that some market participants are not happy with the issuance of $TRUMP.
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On January 18, 2025, President Trump issued a cryptocurrency named after himself, '$TRUMP,' on the blockchain network Solana. On January 20, 2025, First Lady Melania Trump also issued her own cryptocurrency, '$MELANIA.'
President-elect Trump issues virtual currency '$TRUMP' and the price soars & First Lady Melania also issues virtual currency '$MELANIA' and '$TRUMP' crashes immediately after - GIGAZINE
According to the foreign media outlet Politico, $TRUMP has continued to soar since its issuance, reaching $44.95 (approximately 7,000 yen) as of 18:15 on January 19, 2025 local time, and it has been reported that the FDV has exceeded $45 billion, making it the 24th most valuable token in the world. Additionally, the market capitalization of $TRUMP temporarily reached $15 billion (approximately 2.34 trillion yen).
When Melania Trump announced her own cryptocurrency, $MELANIA, the price of $TRUMP plummeted, and at the time of writing, it was trading at $32.69, making it the 29th most valuable cryptocurrency in the world.
President Trump was once skeptical of virtual currencies and even criticized Bitcoin as a '
In addition, President Trump has pledged to establish a national stockpile of virtual currencies and to review regulations on the virtual currency market . In November 2024, rising expectations for President Trump's virtual currency policy caused the price of Bitcoin to reach an all-time high of $89,599 (approximately 13.9 million yen) at the time.
Bitcoin breaks through $89,000 to hit new all-time high, driven by expectations for next Trump administration - GIGAZINE
However, some market participants are negative about President Trump issuing his own cryptocurrency. Nick Carter, co-founder of the cryptocurrency investment company Castle Island Ventures, said, 'It's completely ridiculous for President Trump to do something like this.' According to Carter, cryptocurrencies like '$TRUMP' are a type of cryptocurrency called a ' meme coin ,' which is an inherently very volatile asset. In addition, Balaji Srinivasan, former chief technology officer of cryptocurrency exchange Coinbase, criticized, 'Meme coins are like lotteries, and even if they surge, they will eventually crash. There is no wealth creation from meme coins.'
A memecoin is a zero-sum* lottery.
— Balaji (@balajis) January 19, 2025
There is no wealth creation. Every buy order is simply matched by a sell order. And after an initial spike, the price eventually crashes and the last buyers lose everything.
* It's actually negative sum if the platform takes a cut.
Additionally, Gerber Gurbacz, director of digital asset strategy at investment provider VanEck, said, 'Meme coins have significantly damaged the credibility of the United States, President Trump, and his family. President Trump should fire his crypto advisors and replace them with people who can provide proper advice.'
Trump needs to fire his crypto advisors, from top to bottom and replace with people who know what they are doing. The memecoins cost the US, the president and his family a lot of credibility and the consequences haven't even started.
— Gabor Gurbacs (@gaborgurbacs) January 20, 2025
Bitcoin, which lost liquidity following the issuance of '$TRUMP' and '$MELANIA,' temporarily fell to nearly $100,000 (approximately 15.5 million yen), but it has been reported that the price of Bitcoin soared to an all-time high of $109,241 (approximately 16.9 million yen) just before President Trump's inauguration on January 21, 2025. However, after the presidential inauguration speech, the price of Bitcoin began to fall, and at the time of writing, it remained at $101,814 (approximately 15.79 million yen).
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