Donald Trump’s presidential memecoin has emerged as the best-performing digital asset, according to CoinGecko data, as of midday East Asia time. This surge followed a spirited post on Truth Social by Trump himself, in which he dubbed the coin “the greatest of them all” and “cool.” The sentiment echoed by the former president appears to have directly influenced market movement.
Market data illustrates a noteworthy spike in the coin’s value, where, in the wake of Trump’s statement, the $TRUMP token accelerated from approximately $10.93 to about $12.25, marking an impressive 12% gain. Despite a minor sell-off, the token is currently trading at $11.91, reflecting a robust increase of around 9%.
CoinGecko confirms that $TRUMP is the standout performer of the Asia trading day, outpacing other notable cryptocurrencies. Ethena has risen by 8.9%, Bonk is up 8%, and Mantle boasts a 7% increase. Meanwhile, The CoinDesk 20, a benchmark for the largest digital assets, has seen an overall 2% uptick.
The journey of the $TRUMP token has been anything but steady since its launch in January. Initially soaring to billions in market capitalization, thanks in part to endorsements from Trump, the coin later faced a staggering collapse of 75% amidst broader market volatility. This fluctuation has not gone unnoticed, drawing scrutiny and criticism from certain political factions, particularly House Democrats advocating for regulatory reforms in the meme coin landscape.
In response to the rising prominence of tokens such as $TRUMP, House Democrats, led by Rep. Sam Liccardo, introduced the MEME Act. This legislation seeks to prevent federal officials and their families from profiting from meme coins. CoinDesk previously reported on the discussions surrounding this proposed bill aimed at curtailing perceived financial exploitation.
In a recent blog post, Rep. Liccardo specifically highlighted the $TRUMP token, accusing the First Family of capitalizing on public sentiment through meme coins and warning of potential insider trading and foreign influence. He emphasized that the MEME Act would entail a comprehensive prohibition encompassing various financial assets, including securities tied to ventures like Truth Social.
On the regulatory front, the Securities and Exchange Commission (SEC) has articulated its stance on memecoins. The agency has declared that tokens like the $TRUMP coin do not fall under the classification of securities and are, therefore, exempt from its oversight, further complicating the regulatory landscape surrounding cryptocurrency.
