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During a press conference on January 21, United States President Donald Trump answered questions about his Meme Coin, TRUMP, admitting that he has limited knowledge about the Token despite its success in the market .
His comments led to a short-term drop in the Token’s price, which has since recovered.
Donald Trump and TRUMP Coin Price Fluctuations
Speaking from the White House, Trump responded to whether he had a personal interest in the token, saying he was not sure if he had profited from it.
Session press conference mainly focused on announcing a $500 billion investment in the artificial intelligence infrastructure project “Stargate AI”. President Trump was joined by OpenAI CEO Sam Altman, Oracle Chief Technology Officer Larry Ellison, and SoftBank CEO Masayoshi Son.
When asked about TRUMP, the President appeared uncertain about its details.
“I don’t know where it is. I don’t know much about it other than the fact that I came out, other than that it was very successful,” Trump said.
After his statement, the value of the Token plummeted, causing a reaction from the financial community. Alex Krüger, founder of Aike Capital, has emphasize decline on social media platform X (formerly Twitter).
Bloomberg analyst James Seyffart also commented.
“Trump just destroyed his own meme coin,” Seyffart comment on X.
Despite the temporary decline, TRUMP quickly recovered. At press time, it is trading at $41.24, reflecting a 15% increase over the past 24 hours.
The market capitalization of meme coin reached 8.24 billion USD. This is a significant increase as the token’s market capitalization dropped to $7.5 billion after inauguration day.
When told that his Token generated billions of dollars, Trump said: “A few billion… that’s just peanuts to these people,” referring to the CEOs traveling with him.
The “Official Trump” token, launched last week, has experienced a rapid increase of more than 1,100%, rising from $6 to $75 within 36 hours. However, ownership remains unclear, with two entities related to the Trump Organization controlling 80% of the supply.
Remarkable, Latest analysis from Forbes has refuted claims that Trump earned $58 billion from the meme coin TRUMP. The analysis states that these numbers are based on the full valuation of all tokens in circulation, of which 800 million tokens are locked, with 80% ownership estimated at $6.2 billion, although the This number may change due to market fluctuations.
Despite the volatility, the broader market has shown significant interest in meme coins. As TinTucBitcoin previously reported, Rex Shares recently applied for a meme coin exchange-traded fund (ETF) that includes TRUMP, BONK, and DOGE.
Meanwhile, meme coins have remained true to their volatile nature, with TRUMP not alone in experiencing sharp fluctuations. First Lady Melania Trump’s meme coin, MELANIA, peaked at $13 on January 20 but has since dropped to around $4.
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