Former President Donald Trump’s launch of his $Trump and $Melania meme coins marks another milestone in cryptocurrency’s journey toward mainstream adoption, with the combined market cap reaching $9.5 billion by Monday afternoon. The move comes as various sectors, from gaming to finance, continue to embrace blockchain technology.

In the time when Trump is taking over the US with a special crypto agenda, the crypto and blockchain market has already seen significant expansion beyond traditional financial applications, particularly in the gaming and entertainment space. While some players gravitate toward established platforms like safe crypto casino sites for blockchain-based gaming, others are drawn to the speculative nature of meme coins, which typically have no intrinsic value but gain worth through community support.

Joe McCann, CEO of digital assets investment firm Asymmetric, explains the phenomenon: “Meme coins largely represent communities on the internet represented by a financial asset—they’re the tokenization of internet culture.” This tokenization has extended beyond mere speculation, with various industries adopting blockchain technology for practical applications.

The Trump meme coins’ success follows a broader trend of cryptocurrency adoption in Washington. Trump has vowed to make the United States the “cryptocurrency capital of the world” and has nominated crypto supporter Paul Atkins to head the Securities and Exchange Commission, signaling a potential shift toward more crypto-friendly regulations.

Market observers note that Trump’s entry into the meme coin space could accelerate mainstream crypto adoption. The $Trump coin saw its value surge more than 400% from its initial price, though experts warn about the volatile nature of such investments. The coin’s price peaked at almost $75 before settling around $40 on Monday, while the $Melania coin trades at approximately $5.40.

The launch coincides with a broader surge in blockchain-based entertainment platforms. Industry analysts report a significant increase in user engagement across various crypto-powered applications, from gaming to digital art marketplaces. This growth has attracted attention from traditional financial institutions, with several major banks exploring partnerships in the crypto gaming sector.

Digital currency enthusiasts see Trump’s involvement as potentially legitimizing the broader crypto ecosystem, including both speculative assets like meme coins and practical applications in gaming and finance. However, wealth management professionals, including Nigel Green, CEO of deVere Group, advise caution, particularly for inexperienced investors unprepared for cryptocurrency’s extreme price volatility.

The coins are available for purchase through the Moonshot app, which accepts various payment methods including Apple Pay, credit cards, and cryptocurrency. But, the platform emphasizes that all transactions are final and non-refundable, highlighting the risky nature of meme coin investments.

Bitcoin, the leading cryptocurrency, has also benefited from the positive sentiment, surging more than 50% since the November election to reach a record high of $109,241 ahead of Trump’s inauguration ceremony. This price action suggests growing confidence in the cryptocurrency sector’s future under the new administration’s proposed regulatory framework.

Market analysts predict that Trump’s foray into meme coins could influence regulatory discussions around digital assets. The surge in meme coin trading volumes often correlates with increased mainstream interest in broader blockchain applications, potentially driving adoption across various sectors.

The development has caught the attention of institutional investors, with several hedge funds reportedly exploring strategies to capitalize on the growing meme coin phenomenon. “The entrance of a former president into the cryptocurrency space represents a significant shift in how digital assets are perceived by traditional finance,” states Rebecca Chen, chief strategist at Digital Asset Research.

The Secret Service has also taken notice of the trend, announcing enhanced monitoring of cryptocurrency transactions related to political figures to prevent potential fraud and market manipulation. “We’re working closely with blockchain analytics firms to ensure the integrity of politically-affiliated digital assets,” said Special Agent James Morrison in a statement to reporters.