Within moments of Donald Trump announcing his new coin, traders made high-value bets that quickly paid off. Did they have an edge?

Separately, shares of Trump’s other publicly traded eponymous entity, Trump Media & Technology Group, dropped more than 10% in the first day of trading following Trump’s inauguration.

Donald Trump's cryptocurrency was the largest meme coin on the Solana network by market cap at 10:35 a.m. London time, according to data from CoinGecko, with Melania Trump's token

A new meme coin launched by President-elect Donald Trump on Friday has a market capitalization of about $9 billion—after hitting a peak of over $15 billion early Sunday—marking Trump’s latest venture into cryptocurrency and merchandise sales in the lead-up to his inauguration.

The launch of the Trump token, which hit a $15 billion valuation, rides the trend and raises questions. Axios reporter Brady Dale explains what a meme coin is and what owners can actually do with them.

The Official Trump (TRUMP.X) token – created by CIC Digital LLC, a subsidiary of the Trump Organization – fell more than 6% in the past 24 hours despite efforts to boost its adoption. Several websites selling Trump-branded products have started to accept the Trump memecoin for payment,