In the world of cryptocurrencies, investigations into market manipulation often follow sudden increases in value. However, the decentralized nature of crypto leaves room for unusual events. Case in point: the recent surge in $TRUMP, a meme coin tied to President-elect Donald J. Trump, which skyrocketed just before his return to the Oval Office.
As Trump prepares to be sworn in, $TRUMP’s market cap has surpassed $9 billion, with a staggering $42 billion traded in the last 24 hours. CoinMarketCap reported that the token’s value jumped 73% in early trading on Monday, reaching over $46 per coin and pushing its total market capitalization to $9.2 billion.
Trump announced the launch of the meme coin on his social media platform, Truth Social, last Friday. Known for his support of cryptocurrencies like Bitcoin, Trump’s influence has reinvigorated the decentralized finance (DeFi) market since his election victory in November.
Beyond his crypto efforts, Trump’s return to power is expected to bring significant policy changes. His upcoming executive orders are expected to address key issues such as energy, governance, immigration and border security. Trump is notably expected to intervene in the ongoing saga of the TikTok ban in the United States.
Although he spearheaded efforts to ban the popular video-sharing app last year, Trump is now hinting he may reverse or delay the ban. Following TikTok’s recent recovery, a message on the app stated: “Thank you for your patience and support. Thanks to the efforts of President Trump, TikTok is back in the United States!
Legal experts remain perplexed by Trump’s ability to unilaterally overturn a law passed with bipartisan support and upheld by the U.S. Supreme Court. As his administration evolves, questions surrounding his legal authority and the impact of his decisions on the crypto market continue to spark debate.
This latest push by $TRUMP illustrates the merging of politics, influence, and finance, marking what some are calling the era of “peak capitalism” in the decentralized digital world.