Crypto traders and speculators alike were startled as US President-elect Donald Trump’s cryptocurrency, $Trump, took the market by storm. The Alternate Coin (Altcoin), launched on Saturday night, witnessing a 164 percent surge in value mere hours into its launch.

 

The altcoin’s market capitalization (cap) value surged to several billion dollars. According to data from Binance, a renowned cryptocurrency exchange platform, the market cap sat at a high $14.16 billion.

 

While this may seem low at first glance, reports are suggesting that the altcoin already ranks among the top 15 in terms of market cap. This places it firmly ahead of Shiba Inu (SHIB) and Hedera (HBAR).

 

Market analysts are noting how the release of his altcoin comes right before Trump takes office on Monday as the 47th President of the United States. In an interview, a Pakistani investor who preferred to remain anonymous, told TheCurrent that he had bullish sentiments regarding the altcoin.

 

However, financial experts are suggesting that speculators remain cautious if they do prefer to invest their money into the altcoin. There is some merit to this warning as critics of Trump are claiming that he holds a large volume of the currency.

 

In a social media post, Nick Tomanio, a crypto venture capitalist highlighted the fact that Trump owned a staggering 80 percent of the altcoin. Based off of this fact, it makes intuitive sense as to how volatile the market is currently.

 

Since only 20 percent of the altcoin is being traded, there is little liquidity in the market. Low liquidity is often associated with a higher level of volatility as even small trades can cause large swings in prices.

 

This is precisely what the market has been witnessing with Binance and other platforms even issuing high volatility warnings. However, this has allowed some of the early buyers to make vast profits with their only regret being how they didn’t buy ‘enough’. 

 

The project was organized by CIC Digital LLC which is closely associated with the Trump organization. The company has sold Trump branded fragrances and shoes as per reports.

 

The coin’s website has revealed that just 200 million digital tokens have been issued with the remaining 800 million to be released within the next three years. Aside from its value skyrocketing, the coin has also boosted the price of Solana’s (SOL) token by 12 percent as it was issued on the Solana blockchain.

 

While the future of the coin is uncertain, many speculators are pouring their funds into it as they foresee great gains to be made around the time of Trump’s inauguration. However, only time will tell the direction in which the altcoin is headed.