Trump’s crypto meme coin draws billions in trading volume, as bitcoin dips

A digital token debuted by US president-elect Donald Trump has rattled the cryptocurrency market, attracting billions of {dollars} of trading quantity whereas stoking considerations about conflicts of curiosity.

Trading beneath the “Trump” ticker on the Solana blockchain, the token’s market worth surged to US$15 billion over the weekend, information from CoinMarketCap confirmed, after the Republican touted it on his social media accounts on Friday.

The digital asset’s market capitalisation then slid beneath US$10 billion on Sunday in New York after Trump’s spouse Melania additionally unveiled a coin, drawing merchants who search to capitalise on quickly shifting speculative demand for memes.

In the meantime, the broader crypto market struggled over the weekend, together with a dip in the most important token, bitcoin, and a shaper retreat for second-ranked ether. SOL, the crypto asset related to the Solana digital ledger internet hosting the Trump meme cash, bucked the pattern and posted a rally.

The “dimension of the capital flowing” to the Trump token left most different cash trading “poorly” aside from SOL and a few associated belongings, mentioned Sydney-based Richard Galvin, co-founder of hedge fund DACM.

The web site for the president-elect’s token described it as the “the one official Trump meme”. The undertaking’s artwork options an illustration of the incoming US president together with his fist in the air – a reference to his response in the aftermath of an attempt on his life throughout a marketing campaign rally final yr.

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