Donald Trump's Memecoin, TRUMP, Outperforms All Other Digital Assets During Asian Trading Hours

Donald Trump's official memecoin was the best performing digital asset on Monday during asian hours, according to CoinGecko data

U.S. President Donald Trump's official memecoin was the best performing digital asset on Monday during asian hours, according to CoinGecko data, after the U.S. President posted on Truth Social calling TRUMP "the greatest of them all" and "cool."

Market data shows that in the minutes after Trump made the post, his eponymous cryptocurrency went from around $10.93 to approximately $12.25, for a 12% rise. After a brief sell-off, the $TRUMP token is being reported at $11.91, or, up around 9%.

According to CoinGecko, this makes it the best performing crypto of the Asia trading day. Ethena is up 8.9%, Bonk is up 8%, and Mantle is up 7% .The CoinDesk 20, a measure of the performance of the largest digital assets, is up around 2%.

It's been a wild ride for the TRUMP token since its debut in January, soaring briefly to billions in market cap amid endorsements by President Trump himself before crashing 75% amidst broader market turmoil, and drawing political backlash from House Democrats aiming to curb officials' involvement in such meme coins through proposed legislation.

House Democrats, led by Rep. Sam Liccardo, have introduced the MEME Act, CoinDesk previously reported, which aims to prohibit federal officials and their families from profiting off meme coins.

In a blog post, Rep. Liccardo specifically called out the $TRUMP token, according to the Hill, accusing the First Family of exploiting the public through meme coins, and went on to warn of the potential for insider trading and foreign influence via the token. He also noted that the broad prohibition from the MEME Act would also extend to other financial assets including securities like Truth Social stock.

The ترامپ is not the first to be targeted by the SEC in recent times. Earlier this year, the agency sued cryptocurrency exchange Binance and its CEO Changpeng Zhao for allegedly operating in violation of U.S. securities laws. The SEC has also been increasing its scrutiny of cryptocurrency lending platforms, and recently sued two such platforms, BlockFi and Nexo.

The SEC's increased focus on cryptocurrency enforcement comes as the digital asset industry has come under increasing scrutiny from regulators around the world. Cryptocurrency prices have also been volatile in recent months, and the industry has been hit by a series of scandals and scams.

The SEC's role in policing the crypto sector has been a subject of debate, with some arguing that the agency should take a more active role in protecting investors, while others believe that the SEC should leave more room for industry self-regulation.

As the SEC continues to ramp up its efforts to police the cryptocurrency industry, it remains to be seen what impact this will have on the rapidly evolving digital asset market.