TRUMP Memecoin Pumps After U.S. President Calls It The Greatest Of Them All
United States President Donald Trump has expressed strong support for the Official Trump (TRUMP) token on social media. In a Sunday post on Truth Social, Trump described the Solana-based memecoin as so cool and touted it as the greatest of them all.
I LOVE $TRUMP SO COOL!!! The Greatest of them all!!!!!!!!!!!!!!!! Trump wrote on March 23.
The rare direct reference to the meme coin by the sitting President sent the tokens price soaring upward before quickly retreating hours after the post was made.
President Trump Boosts $Trump Memecoin By $300 Million
Trumps endorsement on Sunday sparked a surge in the price of $TRUMP. According to CoinGecko data, roughly $300 million was added to the tokens $2.5 billion market cap as it tapped a local high of $12.25. After a slight pullback, the asset was still up 9% on the day to change hands at $11.88 as of press time.
Despite currently being the 53rd biggest coin by market capitalization, Trumps post helped it become the eighth most-traded token over the last 24 hours, with a $1.5 billion trading volume.
The digital asset, launched just days before Trumps swearing-in, runs atop the Solana blockchain a platform chosen for its high speed and low transaction costs. The TRUMP token has a total supply of 1 billion tokens, though only 200 million were released to the public. The remaining 800 million tokens are held by the CIC Digital LLC, a Trump Organization affiliate, and Fight Fight Fight LLC and will be gradually unlocked over three years.
The tokens price rocketed from under $10 to past $70 within its first days of trading, hitting a market capitalization of over $15 billion. Still, the TRUMP token is 84% away from its all-time high of $73.43 registered in January following a market-wide correction.
Despite attracting criticism from some U.S. politicians, the U.S. Securities and Exchange Commission (SEC) has clarified that meme coins like the TRUMP token are not securities and are, therefore, outside the agencys jurisdiction.
The TRUMP tokens endorsement follows the Presidents commitment to make the U.S. a Bitcoin superpower, including initiatives to create a strategic Bitcoin reserve a move proponents regard as an important metric for Bitcoin adoption.
Read more: https://zycrypto.com/trump-memecoin-pumps-after-u-s-president-calls-it-the-greatest-of-them-all/
Text source: ZyCrypto
