Donald Trump's viral meme coin showed high volatility on Tuesday after the president tried to distance himself from the $8 billion project that bears his name.
“I don't know much about it other than what I've started,” Trump told reporters at a technology executive meeting. “I heard it was very successful. I didn't check.”
After climbing to a 24-hour high of $48.18, the official Trump (TRUMP) meme coin immediately fell 16 percent to $40.29 following the comments. It has since gained a hike of over $43.37.
When told of the token's multibillion-dollar valuation, Trump dismissed it as “peanuts” compared to tech investments, talking to executives from SoftBank, OpenAI and Oracle.
The token gained roughly 7.5% within an hour of its comment, bringing the token to a market cap of $8.7 billion and a fully minted value of $43.6 billion.
The latter measures how much the market value of a coin would be at the current price if all of the supply came into circulation.
of TRUMP token After First Lady Melania Trump, she faced turmoil. kick off Its own competitor, Meme Coin, suffered a 50% price drop on Sunday, with early investors offering massive sales deals to the crypto community. It is divided What the two meme coins mean for the industry.
Both signs Provisions The data obtained from the research company Bubblemaps on the chain seems to be concentrated among the project providers It shows. An unidentified merchant managed to turn around. 1 million dollars more than 116 million dollars It looks like perfectly timed purchases.
Investment banking and financial services firm TD Cowen warned through the Washington Research Group that the president's meme coins could derail bipartisan crypto legislation efforts, as investigations into insider trading could exacerbate existing partisan tensions.
“This threatens the ability to introduce crypto currency with the bipartisan support needed to become law.” It is reported He said on Tuesday.
Despite the president's apparent indifference, major platforms including Coinbase and Robinhood still list the “official” Trump meme coin with an estimated market value of several billion dollars.
Edited by Sebastian Sinclair.
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