During a press conference on January 21, US President Donald Trump responded to questions about his meme token, TRUMP, admitting that he had limited knowledge of the token despite its commercial success.
His comments led to a brief drop in the token’s price, which later rebounded.
Donald Trump talks about TRUMP coin: price fluctuates
Speaking from the White House, Trump responded to questions about whether he personally benefited from the token, saying he was not sure if he benefited from it.
The conference mainly focused on the announcement of a $500 billion investment in the “Stargate AI” artificial intelligence infrastructure project. President Trump was joined by Sam Altman, CEO of OpenAI, Larry Ellison, Chief Technology Officer of Oracle, and Masayoshi Son, CEO of SoftBank.
Asked about TRUMP, the president was uncertain about the details.
“I don’t know where it is. I don’t know much about it, other than I started it, other than it was very successful,” Trump said.
Following his comments, the value of the token briefly fell, sparking reactions from the financial community. Alex Krüger, founder of Aike Capital, highlighted the decline on social media platform X (formerly Twitter).
Bloomberg analyst James Seyffart also spoke.
“Trump just destroyed his own memecoin,” Seyffart noted on X.
Despite this temporary setback, TRUMP quickly bounced back. At the time of reporting, it was trading at $41.24, reflecting a 15% increase in the last 24 hours.
The market capitalization of the same coin stood at $8.24 billion. This is a notable increase since the token’s market cap fell to $7.5 billion after inauguration day.
When informed that his token had generated billions, Trump said, “Several billions…that’s peanuts to these guys,” pointing to the CEOs who accompanied him.
The “Official Trump” token, launched last week, saw a rapid rise of over 1,100% from $6 to $75 in 36 hours. However, ownership remains unclear, with two entities linked to the Trump Organization controlling 80% of the supply.
Notably, Forbes’ latest analysis debunked claims that Trump enjoyed a $58 billion windfall. The analysis highlighted that these estimates were based on the token’s fully diluted valuation, which takes into account non-circulating tokens. With 800 million tokens locked, an 80% stake is estimated at $6.2 billion, although this figure is subject to market fluctuations.
Despite the volatility, the market as a whole has shown considerable interest in meme coins. As BeInCrypto reported earlier, Rex Shares recently filed for meme coin exchange-traded funds (ETFs), including TRUMP, BONK, and DOGE.
Meanwhile, meme coins remain true to their volatile nature, with TRUMP not the only one experiencing sharp swings. First Lady Melania Trump’s meme coin, MELANIA, reached an all-time high of $13 on January 20, but then fell to around $4.
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