The presidential memecoin associated with Donald Trump emerged as the top-performing digital asset, based on data from a leading crypto analytics platform, as of midday East Asia time. This surge followed a Truth Social update in which Trump referred to it as “the greatest of them all” and “cool.”
Market data indicates that shortly after Trump’s announcement, his cryptocurrency surged from roughly $10.93 to about $12.25, reflecting a 12% increase. Following a brief sell-off, the $TRUMP token is now trading around $11.91, which represents an approximate 9% uptick.
This performance makes the $TRUMP token the best-performing cryptocurrency during the Asia trading sessions. Other notable performers include Ethena, up 8.9%, Bonk, increasing by 8%, and Mantle, rising by 7%. The broader index tracking the top digital assets has seen an approximate 2% gain.
Since its launch in January, the $TRUMP token has experienced significant fluctuations, briefly reaching billions in market capitalization after being promoted by Trump but subsequently dropping 75% amidst overall market instability. This has drawn political scrutiny from House Democrats, who are looking to limit officials’ participation in such meme coins via proposed legislation.
House Democrats, spearheaded by Rep. Sam Liccardo, have introduced the MEME Act, which seeks to ban federal officials and their families from benefiting financially from meme coins.
In a recent announcement, Rep. Liccardo specifically cited the $TRUMP token, accusing the First Family of taking advantage of the public through these coins, and raising concerns about possible insider trading and foreign interference. He highlighted that the proposed MEME Act would also cover a wide range of financial assets, including securities linked to Truth Social stock.
The Securities and Exchange Commission has declared that memecoins, like the $TRUMP token, do not fall under their jurisdiction as they are not classified as securities.