President Donald Trump acknowledged launching his official meme coin, ‘TRUMP’, which debuted a few days ago. However, he admitted he didn’t know much about its performance.
While speaking to a group of reporters on Tuesday afternoon, Trump was asked about his new meme coin. He said:
I don’t know much about it other than I launched it. I heard it was very successful. I haven’t checked.
President Donald Trump
After the comments, TRUMP fell over 30% to $34.88 but has since recovered and is now trading at $42.07.
Trump’s meme coin surges to $15B before MELANIA’s launch
Trump Organization affiliate CIC Digital LLC launched the ‘TRUMP’ meme coin. The firm is linked to previous sales of crypto collectible NFTs launched in 2022 that made millions of dollars but have since fallen dramatically in value for their owners.
The Solana-based meme coin was launched three days before Trump took office. The meme coin’s market cap jumped to $15 billion over the weekend, although it currently trades with a market cap around $8 billion.
The coin surged from less than $10 on Saturday morning to as high as $74.59 before giving up some of its gains on Monday.
One of the reporters at the Tuesday meeting mentioned that the TRUMP token had generated several billion dollars in the past few days. The president appeared shocked and responded, “Several billion?”
He then dismissed the gains as insignificant. He pointed out that SoftBank’s Masayoshi Son, OpenAI’s Sam Altman, and Oracle’s Larry Ellison, who were present in the room, were worth much more.
The TRUMP token dropped 50% Sunday afternoon following the news that Trump’s wife, First Lady Melania Trump, had also launched her own meme coin. Both tokens are believed to be largely owned by Trump insiders.
Thanks to their high profile and social media presence, the TRUMP coin and MELANIA coin have already entered the top 100 coins in terms of value. MELANIA’s coin is now worth more than AI entrepreneur Sam Altman’s Worldcoin.
Trump signs executive orders, issues pardons, and plans cryptocurrency policies
On his first day in office, Trump signed multiple executive orders on energy, border security, immigration, infrastructure, and more. He pardoned Ross Ulbricht of Silk Road and 1,500 January 6 protesters, including Oath Keepers and Proud Boys.
However, he did not address a promised Bitcoin strategic reserve or reverse the prior administration’s policies, which some have dubbed Operation Chokepoint 2.0.
Trump is reportedly planning to issue an executive order making cryptocurrency a national policy priority and has appointed David Sacks as his administration’s crypto czar.
Several exchanges and brokerages, including Coinbase and Robinhood, have listed the “official” TRUMP meme coin.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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