Trump's Crypto Token Surges to US$ 10.7 Billion Market Cap, Bitcoin Hits Record High

CRYPTO - SINGAPORE. Donald Trump's newly created cryptocurrency soared on Monday to nearly US$ 11 billion in market value, drawing in billions in trading volume, while bitcoin hit a record high just hours ahead of the U.S. President-elect's return to the White House.

Launched on Friday, Trump's meme coin, also known as $TRUMP, stood at $52.71 by 1230 GMT on Monday, giving it a market capitalisaton of about $10.7 billion, according to CoinMarketCap, which ranked it as the 18th biggest cryptocurrency. The coin rose to as much as $74.59 on Sunday, having risen from less than $10 early on Saturday morning, while 24-hour trading volume reached $52.5 billion.