Donald Trump’s viral meme coin saw significant volatility on Tuesday after the president attempted to distance himself from the $8 billion project that bears his name.
“I don’t know much about it other than we launched it,” Trump told reporters at a technology executive meeting. “I heard it was a huge success, but I haven’t confirmed it yet.”
After rising to a 24-hour high of $48.18, the official TRUMP meme coin fell 16% to $40.29 shortly after his remarks. It has since regained ground above $43.37.
Upon learning of the token’s multibillion-dollar valuation, Trump dismissed the token as “peanuts” compared to technology investments, speaking alongside executives from SoftBank, OpenAI, and Oracle.
After his remarks, the token recovered about 7.5%, bringing its market capitalization to $8.7 billion and a fully diluted value of $43.6 billion.
The latter measures how much a coin’s market capitalization could appreciate if all its supply were in circulation, based on its current value.
that trump token It was already facing turbulence following the arrival of First Lady Melania Trump. Released On Sunday, her own rival meme coin triggered a 50% price collapse amid massive selling by early investors, along with the cryptocurrency community. divided Let’s take a look at what two meme coins mean for the industry.
Both tokens’ supplies Data from on-chain research firm Bubblemaps appears to be concentrated among project issuers. show. An anonymous trader turned around. Increased $1 million to over $116 million Through what seemed like a perfectly timed purchase.
Investment banking and financial services firm TD Cowen, via Washington Research Group, said presidential meme coins could hinder bipartisan cryptocurrency legislative efforts as investigations into potential insider trading intensify existing partisan tensions. I warned you.
“This jeopardizes our ability to advance cryptocurrency legislation with the bipartisan support it needs to become law.” According to reports said Tuesday.
Despite the president’s apparent indifference, major platforms including Coinbase and Robinhood have listed “official” Trump meme coins, which still have market capitalizations in the billions of dollars.
Edited by Sebastian Sinclair
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