On Sunday, Donald Trump endorsed the $TRUMP meme coin on Truth Social, causing its price to spike from $10.93 to $12.24 before falling back to $11.85. This endorsement led to a trading surge, with volumes increasing by 288%, making it the day’s most traded meme coin. However, the token has lost significant value since its January peak of $73.4, and lawmakers are now scrutinizing Trump’s involvement. A proposed MEME Act aims to prevent federal officials from profiting from meme coins. With an upcoming token unlock scheduled, the Market remains volatile. Trump’s promotion raises questions about the intersection of politics and cryptocurrency as investors keep a watchful eye on future developments.
On Sunday, former President Donald Trump made headlines with a spirited endorsement of the meme coin $TRUMP on his own platform, Truth Social. In his post, he declared, “I LOVE $TRUMP—SO COOL!!! The Greatest of them all!”, which caused the coin’s value to spike from $10.93 to a high of $12.24 almost immediately. However, the thrill was short-lived, as hours later, the price settled back down to $11.85, continuing its downward trend from a peak of $73.4 earlier this year.
The endorsement and subsequent trading frenzy saw trading volumes soar by 288%, reaching $1.22 billion, making $TRUMP the most actively traded meme coin of the day. One investor capitalized on the moment by buying $5 million worth of the coin, only to lose $207,000 within an hour upon selling.
Trump’s relationship with $TRUMP has evolved remarkably. Earlier this year, he distanced himself from the coin, claiming he didn’t know much about it apart from having launched it. Now, his enthusiastic support raises concerns, particularly since 800 million out of the one billion tokens minted are held by two companies affiliated with him. Critics on social media have questioned the motivations behind his sudden enthusiasm, noting the potential for “pump and dump” strategies.
Amid political scrutiny, Democratic Congressman Sam Liccardo is introducing the MEME Act, aimed at limiting federal officials, including Trump’s family, from profiting from meme coins. Liccardo’s comments underscore concerns about insider trading and financial exploitation.
Compounding worries for investors is the upcoming April unlock event, where 40 million $TRUMP tokens will be released, potentially driving prices down further. Current reports reveal that 94% of the tokens are controlled by just 40 wallets, indicating that large sales could significantly impact the Market.
While Trump’s endorsement has spurred excitement among traders, the future of the $TRUMP token remains uncertain, with its current value down dramatically from earlier highs. As meme coins continue to disrupt the cryptocurrency landscape, many are left wondering if we are witnessing a fleeting Market trend or a new phase in the merger of politics and finance.
Tags: Donald Trump, meme coin, cryptocurrency, Truth Social, $TRUMP, MEME Act, trading frenzy, token unlock, Market volatility.
What happened with the $TRUMP meme coin?
Recently, a post from Donald Trump on Truth Social caused the $TRUMP meme coin to rise sharply in value. This shows how influential social media can be on cryptocurrencies.
Why did $TRUMP coin’s value change so much?
The coin’s price jumped when Trump shared his thoughts, but it also quickly dropped after the initial excitement faded. This shows how fast crypto values can move based on news or social media posts.
How is Bitcoin doing right now?
Bitcoin recently hit over $85,000, reaching a significant milestone. Many investors are excited about its growth, making it a popular choice alongside meme coins like $TRUMP.
Are meme coins a good investment?
Meme coins can be risky because their values can change quickly. They often rely on trends, social media hype, and community support rather than fundamental value.
Should I invest in $TRUMP coin or Bitcoin?
It depends on your investment goals and risk tolerance. Bitcoin is seen as more stable and established, while $TRUMP coin is more unpredictable and may be better for those willing to take bigger risks. Always do your research before investing.