The TRUMP memecoin, tied to President Donald Trump, has soared by 25% in the past 24 hours, outpacing Bitcoin and other major cryptocurrencies. Now boasting an $8 billion market cap, the token has reversed earlier losses and climbed nearly 900% since its launch.
Invest with Confidence:
- Follow TipRanks' Top Wall Street Analysts to uncover their success rate and average return.
- Join thousands of data-driven investors – Build your Smart Portfolio for personalized insights.
At a press conference on Tuesday, Trump downplayed the billions earned from the token, calling it “peanuts” compared to the wealth of businessmen present, including SoftBank’s Masayoshi Son and Oracle’s Larry Ellison. “I don’t know much about it other than when I launched it. I heard it was successful,” Trump remarked, drawing laughter from the room.
A Barometer of Popularity or a Passing Trend?
The TRUMP token is being hailed by some as a measure of the president’s popularity and policies. According to Yat Siu, co-founder of Animoca Brands, memecoins like TRUMP represent the cultural zeitgeist and could act as a barometer for Trump’s presidency. However, Siu warned that if the token is seen as a “cash grab,” it could hurt trust in memecoins and Web3.
Investors can track their favorite cryptocurrencies on TipRanks. Click on the image below to find out more.
