Trump Confirms Launch of Memecoin, Says Billions in Profits Are Just Small Numbers to His Group

Donald Trump's memecoin, TRUMP, plunged about 30% in seconds after the former president commented that he is not closely monitoring this currency. The price dropped to $32 on some exchanges before recovering to around $43. This token was launched just before Trump's second inauguration, previously reaching $76 with a market cap of $12 billion but has since fluctuated. In his appearance on the media, Trump acknowledged the project but questioned its value and then called the reported amount "nothing" for his group. Kobeissi Letter notes that an anonymous investor bought TRUMP worth $5 million at the lowest point of the crash and estimated to have made $2.4 million within minutes. The token is currently priced at nearly $41 with a market capitalization of $8.2 billion, while its total diluted value is about $41 billion. Trump said, "I don't know where it is, I don't know much about it other than I've launched it. I hear it's very successful."