Donald Trump’s President Memecoin was the best -functioning digital asset, according to CoingeCko data, from Midday East Asia Time, after Trump made a truth social post that called it “the greatest of them all” and “cool.”
Market data shows that in the minutes after Trump made the position, his eponymous cryptocurrency went from about $ 10.93 to about $ 12.25 for a 12%increase. After a short sale, the $ Trump token is trading for $ 11.91 or up about 9%.
According to CoingeCko, it makes it the best functioning crypto from Asia trade day. Ethena has increased by 8.9%, Bonk has increased by 8%and Mantle has increased by 7%. Coindesk 20, a measure of the performance of the largest digital assets, is up approx. 2%.
It’s been a wild trip for the $ Trump token since its debut in January, soaring cards to billions in market capital in the midst of endorsements of President Trump himself, before crashing 75% in the midst of wider market turmoil and pulling political backlash from the house Democrats aimed at limiting officials’ involvement in such memes through the proposed legislation.
House Democrats, led by Rep. Sam Liccardo has introduced the Meme Act, Coindesk previously reported, aiming to ban federal officials and their families from taking advantage of Meme coins.
In a blog post Rep. Liccardo specifically the $ Trump token, accused the first family of exploiting the public through meme coins, warning of insider trading and foreign influence via the token, and emphasized the ban of the Meme Act, which largely extends to other economic assets, including values such as Social Society.
Securities and Exchange Commission, for its part, has said that Memecoins – like the $ Trump token – are not securities, thus not subject to its supervision.
