Trump-Themed Meme Coin Soars: ₹10K Turns to ₹70K in 36 Hours

A cryptocurrency linked to President-elect Donald Trump, known as the Trump Meme Coin, has created waves in the digital asset market, experiencing a dramatic surge followed by sharp fluctuations. This token, which saw an astonishing 600% increase within just 36 hours of its launch, transformed a ₹10,000 investment into nearly ₹70,000 at its peak.

The Trump Meme Coin was introduced by CIC Digital, a company affiliated with the Trump Organization. Initially priced at $10 per coin, its value soared to $70 by Sunday. However, the rally was short-lived as the price dipped on Monday following social media endorsements by Donald Trump and Melania Trump for a different digital token, the Melania Coin.

Investment Surge: From ₹10,000 to ₹70,000 in Hours

At an exchange rate of ₹86.46 per USD, an initial ₹10,000 investment at the $10 launch price would have bought around 11.56 Trump meme coins. When the price peaked at $70 per coin, the investment’s value surged to nearly ₹69,930.

While the Trump Meme Coin’s official website presents it as a symbolic expression of support rather than an investment vehicle, traders quickly jumped in to capitalize on its rapid price movement. The project aims to release one billion tokens over the next three years, with 200 million currently in circulation. Notably, CIC Digital and its partner firm collectively hold 80% of the tokens and benefit from trading revenue.

The Meme Coin Phenomenon

Meme coins have carved out a unique space within the crypto industry, often starting as humorous or satirical projects with no inherent value. Despite this, they can experience massive price surges due to social media trends and speculative trading. A well-known example is Dogecoin, which began as a joke but eventually gained mainstream recognition and value.

Potential Risks and Controversies

Donald Trump has positioned himself as a crypto-friendly leader, advocating for regulations that favor the industry and appointing key figures who support digital assets. However, critics warn that the Trump Meme Coin could open doors for special interests and foreign entities to gain influence over the president.