Donald Trump’s viral meme coin saw significant volatility Tuesday after the president tried to distance himself from the $8 billion project that bears his name.
“I don’t know anything about it other than launching it,” Trump told reporters at a technology briefing. – I heard that it was very successful, I haven’t checked it yet.
After hitting a 24-hour high of $48.18, the official Trump (TRUMP) meme coin immediately fell 16% to $40.29 following his comments. Since then, it has risen above $43.37.
When informed of the token’s valuation in the billions, Trump spoke alongside executives from SoftBank, OpenAI and Oracle, dismissing it as “peanuts” compared to tech investments.
The token recovered roughly 7.5% in the hour following his comments, bringing the token to a market cap of $8.7 billion with a fully diluted value of $43.6 billion.
The latter measures how much a coin’s market cap could be valued at if its entire supply were to enter circulation, based on its current price.
The TRUMP sign First lady Melania Trump has already faced turmoil launched On Sunday, its rival meme coin prompted a 50% drop in price amid a massive sell-off by early investors and the crypto community. separated about what the two memes mean for the coin industry.
Both of them equipment The project appears to be concentrated among issuers, according to data from on-chain research firm Bubblemaps shows. One anonymous trader managed to turn around From $1 million to over $116 million through perfectly timed purchases.
Investment banking and financial services firm TD Cowen, through its Washington research group, has warned that presidential meme coins could derail bipartisan crypto legislation efforts as a potential insider trading investigation exacerbates existing partisan tensions.
“This puts at risk the ability to advance a crypto bill with bipartisan support that should become law,” the firm said reported said on Tuesday.
Despite the president’s apparent indifference, major platforms like Coinbase and Robinhood have listed “official” Trump meme coins that still maintain a multi-billion dollar market cap.
Edited by Sebastian Sinclair
Daily information Bulletin
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