President Donald Trump has admitted that he knows little about his own TRUMP coin, which launched on January 17, just days before his inauguration. Following these statements, the token fell to $38.85.
Speaking to reporters on Tuesday, President Donald Trump commented on the hype around the TRUMP meme token:
“I don’t know much about it other than I started it. I heard it was very successful. I haven’t checked,” Trump said.
When a reporter reported that the token had raised billions of dollars in just days after its launch, Trump quipped, “A few billion? That’s small change for these guys,” pointing to SoftBank CEO Masayoshi Son, OpenAI’s Sam Altman, and Oracle co-founder Larry Ellison, all in the room.
TRUMP’s rapid growth has caught the attention of all crypto industry participants. The token has been listed for trading on major exchanges Coinbase and Robinhood. Over the weekend, the market cap of the meme coin TRUMP, created on the Solana blockchain, exceeded $13 billion, briefly overtaking Shiba Inu (SHIB) in the global cryptocurrency rankings and becoming the second-largest memecoin after Dogecoin (DOGE). Now, TRUMP’s market cap has fallen to $8.5 billion, and the token is trading at $42.5.
Recently, the strong volatility of TRUMP was triggered by the emergence of a “sister” token MELANIA, launched by the US First Lady Melania Trump. This caused the TRUMP memcoin to collapse by more than 45%. Former CEO of the research company Messari Ryan Selkis criticized the launch of MELANIA, saying that the second coin could cost Trump significant money and reputation.
