President Donald Trump's newly launched memecoin, $TRUMP, has surged in market value since its Friday launch, reaching a $82.11 billion market cap, while raising ethical concerns.
The coin plunged a day after its launch but was recovering in value and was worth around $54 as of Monday morning, according to Binance.
$TRUMP coin rose to $74.59 on Sunday, having risen from less than $10 on Saturday morning, and surged overnight with a market capitalization over $72 billion by Sunday morning, reported Reuters.
But the meme coin soon nosedived by 40% to $32, reported Binance, after the launch of First Lady Melania Trump's own meme coin, $MELANIA, on Sunday.
$MELANIA coin surged over 66% hours after it launched.
Of the total number of $TRUMP tokens, 80% are owned by Trump-controlled CIC Digital LLC.
The Trumps' foray into cryptocurrency continues raising ethical concerns for its unprecedented intersection of personal financial interests and public office, reported Politico.
Donald Trump, as president, has the potential to financially benefit from policy changes for cryptocurrency and digital assets.
Critics say this is a blatant violation of conflicts of interest with industry insiders like Anthony Scaramucci warning it could harm the market's credibility.
Scott Wolfe, a prominent bitcoiner, referred to the Trumps' crypto ventures as a "total scam."
A disclaimer on the Trump Meme website states that they are "not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type."
Meanwhile, cryptocurrency bitcoin hit a record high on Monday ahead of Trump's inauguration.
