Donald Trump's official memecoin TRUMP emerged as Monday's best-performing digital asset during Asian trading hours following the U.S. President's endorsement on Truth Social. Market data confirms the token rose sharply after Trump described the cryptocurrency bearing his name as "the greatest of them all" and "cool."
The presidential token jumped from approximately $10.93 to $12.25 within minutes of the social media post, representing a 12% increase. After experiencing a brief sell-off, the TRUMP token settled at $11.91, maintaining an approximate 9% gain over its previous value.
Data from cryptocurrency tracker CoinGecko positions the presidential token at the top of Monday's performance charts. Other notable performers include Ethena with an 8.9% increase, Bonk rising 8%, and Mantle gaining 7%. By comparison, the CoinDesk 20, which measures performance across the largest digital assets, showed only a 2% overall increase.
The TRUMP token has weathered significant volatility since its January launch. Initial endorsements from the President propelled its market capitalization briefly into billions before a subsequent 75% crash amid broader market instability.
This volatility has fueled political opposition, with House Democrats introducing legislation specifically targeting such presidential-affiliated cryptocurrencies. The political response comes as the token experiences renewed market interest following the presidential endorsement.
Rep. Sam Liccardo leads Democratic efforts to curtail official involvement in meme cryptocurrencies through the proposed MEME Act. As previously reported by CoinDesk, this legislation would prohibit federal officials and their family members from profiting from meme-based digital assets.
Liccardo specifically addressed the TRUMP token in a blog post, alleging the First Family was exploiting the public through such cryptocurrencies. His concerns include potential insider trading risks and vulnerability to foreign influence through token ownership.
The California representative emphasized that the MEME Act's prohibitions would extend beyond cryptocurrencies to other financial assets, including securities such as Truth Social stock, which has connections to the President.
Regulatory clarity remains limited despite the political pushback. The Securities and Exchange Commission has previously stated that memecoins, including the TRUMP token, do not qualify as securities and therefore fall outside the agency's regulatory jurisdiction.
The token's performance continues to reflect both market sentiment and the unique dynamics of presidential influence on digital asset valuations, creating a precedent-setting case at the intersection of politics and cryptocurrency markets.