Trump launches personal TRUMP Meme Coin! Market value has exceeded 8 billion US dollars

On January 18th local time, U.S. President-elect Trump announced on his social media account the launch of his personal meme coin TRUMP. According to CoinGlass data, as of the time of writing, TRUMP coin's latest market value has exceeded 8 billion USD, with a trading volume of 67.78 billion USD in the past 24 hours. Additionally, the data shows that TRUMP's market value reached a peak of over 15 billion USD earlier on Sunday. The official website of TRUMP coin calls it the "only official Trump Meme." The website states that 80% of the token's supply is held by an entity named "Fight Fight Fight" jointly owned by Trump's companies CIC Digital and CIC. The website also mentions that currently 2 billion tokens are available for trading, and the circulating supply is expected to increase to 10 billion tokens in the next three years. Meanwhile, the official website of TRUMP coin includes a disclaimer stating that TRUMP coin is not intended to be or become an investment opportunity or any type of security, and is not political and has no relation to any political campaign, office, or government agency. It is worth mentioning that Trump's candidacy received support from several billionaires associated with the cryptocurrency industry. Trump claimed he wants the U.S. to become the "crypto capital of the world." His victory led to record highs for Bitcoin, which rose to over $100,000 within a month after the election day. According to CoinGecko's data, the total market value of the global crypto market increased by around $1.8 trillion in 2024, with $1 trillion of that increase occurring after the U.S. election day. Trump has stated that he will use executive power to ease the regulatory burden on crypto companies, including establishing a new crypto advisory council. Reports suggest that the incoming president plans to issue an executive order declaring cryptocurrency a priority policy, suggesting government agencies collaborate with the industry, and establish a Bitcoin reserve allowing the federal government to buy and sell cryptocurrencies. The volatility in the cryptocurrency market caused by TRUMP coin and reports of the executive orders Trump plans to issue have driven the price of Bitcoin higher. On January 18th, the price of Bitcoin surged quickly and surpassed $105,000, then slightly fell back. As of the time of writing, the latest price of Bitcoin is $100,764 per coin. Some believe that the price of Bitcoin will show a more positive trend in 2025. Galaxy Digital research director Alex Thorn predicts Bitcoin will surpass $150,000 in the first half of this year and reach $185,000 in the fourth quarter. Nexo's chief product officer Elitsa Taskova expects Bitcoin to double in value in a year, reaching $250,000; from a perspective of the next ten years, she believes the entire crypto market capitalization will exceed that of gold. However, Wall Street's top technical strategist Katie Stockton has warned that the upward momentum of Bitcoin has weakened and may experience several weeks of continued selling, potentially finding support around $84,500 eventually. She also added that if the price of Bitcoin continues to decline, the next support level may be around $73,800.