President Trump made a rare move by directly mentioning the TRUMP memecoin in a post on Truth Social on Sunday, causing trading volume to surge and the token price to explode before quickly adjusting in the hours that followed.
Trump called this token "VERY GREAT" and "the greatest of all" in a Sunday morning post on Truth Social, marking one of the rare times he directly mentioned the meme coin named after him.
Earlier, in January, Trump told the press: "I don't know much about it other than that I launched it. I hear it's very successful, but I haven't checked it out."
Mr. Trump's tweet 8 hours agoAfter the post, the price of the TRUMP token rose from 10.91 USD to about 12.11 USD, corresponding to an increase of 11%, before adjusting back to 11.49 USD at the time this article was published, recording a total increase of about 7%. This increase helped the market capitalization of the token rise by about 100 million USD.
TRUMP Price Chart | Source: CoingeckoData from Coingecko shows that trading volume has reached its highest level since early March, as traders rush to take advantage of the promotional effect from Trump.
Trump's launch of a memecoin in January, along with the less successful Melania Meme token styled after his wife, has sparked controversy. A Democratic congressman later proposed a bill to prohibit the president, members of Congress, and other high-ranking officials, as well as their spouses and children, from issuing or endorsing securities and cryptocurrencies, including memecoins. According to data from Bitcoin Magazine, the Melania token has decreased by about 4.8% in the past 24 hours.
You can view the coin price here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.
Memecoins may be dead at this point, but they will come back: CoinGecko
The SEC's statement on memecoins and the 'chain' of actions since Trump took office is causing much controversy.
Memecoin TRUMP drops 25% as the trade war pulls Bitcoin and Dogecoin down sharply.
Thach Sanh
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Trump promotes TRUMP memecoin price with an advertisement on Truth Social
Trump called this token "VERY GREAT" and "the greatest of all" in a Sunday morning post on Truth Social, marking one of the rare times he directly mentioned the meme coin named after him.
Earlier, in January, Trump told the press: "I don't know much about it other than that I launched it. I hear it's very successful, but I haven't checked it out."
Trump's launch of a memecoin in January, along with the less successful Melania Meme token styled after his wife, has sparked controversy. A Democratic congressman later proposed a bill to prohibit the president, members of Congress, and other high-ranking officials, as well as their spouses and children, from issuing or endorsing securities and cryptocurrencies, including memecoins. According to data from Bitcoin Magazine, the Melania token has decreased by about 4.8% in the past 24 hours.
You can view the coin price here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.
Thach Sanh
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