The Trump meme coin shot up 12% on Monday after U.S. President Donald Trump called it “the greatest of them all” in a Truth Social post. The token, which trades under the ticker $TRUMP, jumped to $11.91 during Asian trading hours and became the best-performing digital asset of the day, according to CoinDesk.
Trump’s Words Trigger Major Price Reaction
This isn’t the first time Trump’s words have sent $TRUMP moving—but this time, it came with a sharp price spike. The post, where he simply called the coin “cool,” added to an already bizarre journey for the memecoin, which launched in January and once boasted a $14.5 billion market cap before crashing by two-thirds.
Despite that, trading activity has been intense. According to Reuters, blockchain analysts estimate the coin has generated between $86 million and $100 million in trading fees, even as thousands of small traders were left with losses.
Fee Windfall Raises Ethical Questions
The meme coin’s rapid rise has also brought scrutiny. Entities tied to Trump, like CIC Digital, are listed as recipients of trading revenue from the token’s activity. Some ethics experts told Reuters that Trump’s dual role as regulator and beneficiary raises “ethical concern,” especially as the token’s ownership is largely hidden behind opaque companies like Fight Fight Fight LLC.
Democrats Push Back with Regulation Plans
Meanwhile, U.S. House Democrats led by Rep. Sam Liccardo have proposed the MEME Act—legislation aiming to stop federal officials from profiting off memecoins. But Trump’s camp isn’t backing down. Eric Trump told Reuters that $TRUMP “is currently the hottest digital meme on earth” and added, “we are just getting started.”
As Trump-inspired memecoins like $TRUMP and $MELANIA spark ethical questions and volatile price swings, staying informed has never been more crucial for investors. This can be achieved by leveraging tools like TipRanks’ Cryptocurrency Center to track their favorite cryptos. Click on the image below to stay ahead in this rapidly changing space.
