TRUMP Memecoin Riches Have Spurred Billions of Dollars for the Newly Sworn-in U.S. President Donald Trump

Token prices zoomed 25% in the past 24 hours, beating gains in bitcoin (BTC) and other majors, to reverse losses from earlier in the week.

United States President Donald Trump has reportedly earned billions of dollars from his memecoin, an amount he described as “peanuts” compared to other business magnates in his first acknowledgment of the token since its launch.

"I don't know much about it except for when I launched it. I heard it was successful,” Trump said in a press conference on Tuesday when a reporter asked him about the memecoin. “Where is it today? Several billion?”

“That's peanuts for these guys,” he added, referring to the net worth of other businessmen present at the event, including Masayoshi Son of SoftBank, Sam Altman of OpenAI and Larry Ellison of Oracle.

BREAKING: @realDonaldTrump LEARNS THAT HE MADE SEVERAL BILLION DOLLARS WITH THE MEMECOIN HE LAUNCHED - SAYS THAT IT’S PEANUTS.

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The memecoin's token price rose 25% in the last 24 hours, surpassing gains by bitcoin (BTC) and other major coins to recoup losses from earlier in the week. It had a market capitalization of $8 billion as of Wednesday morning, showing a surge of 900% since its launch.

At the event, Trump also announced a $500 billion joint venture called Stargate, which will build data centers in Texas and invest in AI infrastructure.

Some view TRUMP as a bet on the Republican's popularity and policies during his term, which could largely influence Web3 and memecoin markets.

"Longer term, TRUMP coin could act as a barometer for public sentiment towards Trump's presidency," Yat Siu, co-founder and executive chairman of Animoca Brands, told CoinDesk in a message. "Culture memes and tokens are essentially a highly variable public polymarket of culture and zeitgeist, and we've seen this play out accordingly."

"(However) If the initiative is perceived as a cash grab without further engagement, we may well see a crypto chill for meme tokens, potentially draining attention and liquidity out of the meme space. How the TRUMP token is handled is likely to have a ripple effect on trust and reputation for the entire crypto and Web3 industry," Siu added.