Galaxy and Ripple loans helped MoonPay manage Trump meme coin demand

Loans from Galaxy Digital and Ripple were crucial in helping MoonPay handle the overwhelming demand for Donald Trump’s meme coin, TRUMP, after its Jan. 18 launch, according to CoinDesk. The token’s market cap surged from $200 million to over $10 billion within 48 hours, generating $20 billion in trading volume. Since the launch occurred over a weekend with a public holiday ahead, MoonPay couldn't access fiat liquidity and secured $100 million from Galaxy Digital’s Mike Novogratz, followed by an additional $60 million from Ripple’s Brad Garlinghouse. MoonPay repaid the loans on Jan. 21 and gained 750,000 new users. Despite its initial surge, TRUMP has since dropped 79% from its Jan. 19 peak.