Meme Coin Named After Donald Trump Surges 50% After Ex-President Says No To CBDCs

The meme cryptocurrency named after Donald Trump, known as TRUMP, has seen its value on decentralized exchanges jump by 50%

What Happened: This comes in the wake of a statement by the former President and current Republican leadership contender Trump regarding his stance on central bank digital currencies (CBDCs).

The TRUMP cryptocurrency has reached a market capitalization of $39.81 million, with a liquidity pool of $1.57 million and a circulating supply of 46.50 million tokens held across 3,540 accounts. 

Over the past 24 hours, the trading volume for TRUMP tokens has hit $1.41 million, according to the latest Dextool data.

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Why It Matters: In a campaign event in New Hampshire, Trump declared his stance against CBDCs. 

“As your president, I will never allow the creation of a central bank digital currency," Trump said on stage, joined by crypto-friendly former candidate Vivek Ramaswamy, who recently suspended his campaign.

The TRUMP meme coin, which experienced a 13.7% increase alongside options for free alerts, debuted on Aug.11, 2023. Running under the banner “Make Crypto Great Again,” this cryptocurrency has distanced itself by stating that it “is not affiliated with or endorsed by Donald J. Trump.”

Reaching a milestone, the coin’s market capitalization soared past $30 million on January 16, an all-time high, energized by a 71% increase in value following Trump’s victory in the Iowa Caucus.

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $42,662 down 0.15% in the last 24 hours, according to Benzinga Pro.

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