On Saturday, January 18, the $TRUMP cryptocurrency launched by US President-elect Donald Trump quadrupled in value in one day.
Overnight, the value of the cryptocurrency, billed as "the only official Trump memecoin," surged more than 600% to nearly $32.
According to Axios, $TRUMP has an estimated market capitalization of over $32 billion. About 80% of the coin is controlled by Trump-linked companies CIC Digital and Fight Fight Fight LLC.
The unblocking of those assets will take place over three years, which precludes the possibility of an immediate sale of the entire volume. The move underscores both Trump's influence and the rapid growth of the cryptocurrency market.
It is noteworthy that the asset worth 25 billion dollars appeared literally in one day. Trump is reportedly considering making cryptocurrencies a "national priority."
