US President Trump, on Sunday, straight endorsed his official $TRUMP meme coin on Reality Social, calling it “the best of all.”
“I LOVE $TRUMP — SO COOL!!! The Biggest of all of them!!!!!!!!!!!!!!!!,” he wrote to his 9.3 million followers. His submit instantly drove the token’s worth, though it shortly retreated after hours.
The Solana-based $TRUMP meme coin launched on Jan. 17, reached a peak of over $14.5 billion in general market worth by Jan. 19, the day earlier than President Trump’s inauguration.
The preliminary launch provided 200 million TRUMP tokens, with a plan to increase the availability to 1 billion over three years. Nevertheless, Trump’s meme coin additionally sparked fears of unregulated international affect and investor dangers.
Meme Coin Publish Spikes Buying and selling Volumes, Meme Coin Up 10%
The Reality Social submit at 10:33 AM ET, shortly drove the meme coin’s worth to $12.17, in response to coinmarketcap data.
Additional, the token worth rebounded from the 24H low of $10.75 and is at the moment stabilising round $11.60, with a possible transfer towards resistance at $12.51. TRUMP meme coin retreated to its present worth round $11.85 at press time.
The surge, nevertheless, stays down 84% from its all-time excessive of $73.4 on the time of its launch in January.
Additional, in response to geckoterminal data, the SOL-based meme coin’s buying and selling quantity spiked to the very best ranges for the reason that begin of March. Merchants have rushed to capitalise on Trump’s uncommon direct promotion of his official $TRUMP token.
Trump’s ‘Not So A lot Information’ on Meme Cash to being ‘So Cool’
The President, in January, famous that he didn't have a lot information about his official meme coin.
“I don’t know a lot about it apart from I launched it,” Trump instructed reporters. “I heard it was very profitable. I haven’t checked.”
Nevertheless, the meme coin’s short-lived surge marks that the group is now not enthusiastic about Trump token. in response to Andrew Rossow, digital media legal professional and CEO of AR Media, these posts “sadly set a harmful precedent for leveraging public workplace for private monetary achieve.”
In an interview, he instructed Decrypt that the president’s endorsement to a monetary product tied to his private advantages, “undermines regulatory companies such because the SEC and CFTC, eroding belief in neutral governance.”
Moreover, Home Democrats led by Rep. Sam Liccardo, got here up with the MEME Act in February, which prohibits federal officers and households from benefitting by meme coin income.
“The Trumps’ issuance of meme cash financially exploits the general public for private achieve, and raises the spectre of insider buying and selling and overseas affect over the Govt Department,” Rep. Liccardo wrote in a blog.
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