ieExplains: What is Trump's new meme coin and what does this mean for the crypto market?

The president-elect's newly created cryptocurrency soared on Monday to nearly $12bn, but the launch of the digital asset raises several ethical questions about political influence 

Trump's venture into the crypto market marks a significant shift in his perspective, with the president-elect previously labelling the digital assets a "scam" in 2021. (Photo by Andrew Harnik/Getty Images)

Donald Trump's newly created cryptocurrency soared on Monday to nearly $12bn (€11.6bn) in market value, drawing billions in trading volume. 

Launched on Friday, the president-elect's meme coin, also known as $TRUMP, surged on Monday morning, giving it a market capitalisation of about $11.7bn (€11.3bn), with CoinMarketCap ranking it as the 18th biggest cryptocurrency.