President-elect Donald Trump's cryptocurrency influence continues to grow as his newly launched $TRUMP token reached a $13.3 billion market cap just days after its Friday debut. The success comes amid reports that the incoming administration plans significant crypto-related policy changes after tomorrow's inauguration.
According to multiple news sources, Trump is expected to use executive powers to reduce regulatory burdens facing crypto firms and establish a new crypto advisory council. The president-elect has reportedly planned to unveil an executive order declaring cryptocurrency a policy priority while advising government agencies to work with the industry.
Since Election Day, Trump's crypto-friendly stance has contributed to a $1.8 trillion increase in the global crypto market's aggregate value, according to CoinGecko. Bitcoin recently touched $105,000, approaching its record high of $108,000 set in December.
Current Market Data:
Bitcoin: |
Trading around $104,000 |
$TRUMP Token: |
Trading between $41-65 |
Total Crypto Market Growth Since Election: |
$1 trillion |
The $TRUMP token, hosted on the Solana blockchain, is 80% owned by Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, according to the token's website. Both companies will receive revenue from trading activity, though the exact amount remains undisclosed.
The token's launch comes as Trump has repeatedly stated his goal of making the U.S. "the crypto capital of the planet," though the token's website disclaims any direct connection to political campaigns or government agencies.