A new cryptocurrency named after Donald Trump has soared to record highs, raising questions about the president-elect’s inauguration plans.
On Saturday, Trump announced his own meme coin, $TRUMP, on his Truth social media platform, sparking a massive buying spree.
So-called meme coins are based on popular enthusiasm around a popular figure, movement or phenomenon on the internet, and have no economic or transactional value.
Within hours, the coin’s value rose from less than $10 on Saturday morning to $74.59 before giving up some of its massive rally on Monday.
In total, its total value reached more than $10 billion on Monday, according to the latest data from Reuters.
The incoming first lady, Melania Trump, also launched her own cryptocurrency, also named $MELANIA.
On Sunday, its market value soared to more than $1 billion.
Meanwhile, the price of bitcoin hit a record high of more than $109,000 on Monday, hours before his inauguration.
CIC Digital, a Trump company, and another company called Fight, Fight, Fight, own four-fifths of the Trump Coin.
The company says the coins are "an expression of support and engagement with the ideals and beliefs embodied by the $TRUMP token, not an investment."
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