In a Sunday post on Truth Social, Trump described the Solana-based memecoin as “so cool” and touted it as “the greatest of them all.”
U.S. President Donald Trump has expressed strong support for the memecoin in a post on Sunday.output: The price of the Official Trump (TRUMP) token surged following a post by U.S. President Donald Trump on Sunday, March 23, where he expressed his support for the Solana (CRYPTO: SOL)-based digital asset.
What Happened: Trump's endorsement sparked a surge in the price of $TRUMP. According to CoinGecko data, the token's market cap increased by about $300 million as it hit a local high of $12.25. Following a slight pullback, the asset was still up 9% on the day to trade at $11.88 at press time.
While the meme coin is currently the 53rd biggest coin by market capitalization, Trump's post helped it become the eighth most-traded token over the last 24 hours with a trading volume of $1.5 billion.
The digital asset, which was launched just days before Trump's swearing-in, runs atop the Solana chain, a platform known for its high speed and minimal transaction costs. It has a total supply of 1 billion tokens, of which 200 million were sold to the public. The remaining 800 million tokens are held by the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC and will be gradually unlocked over three years.
The token's price rocketed from less than $10 to over $70 within its first days of trading, reaching a market capitalization of over $15 billion. However, the TRUMP token is still 84% away from its all-time high of $73.43, which was reached in January following a market-wide correction.
While some U.S. politicians have criticized the token, the U.S. Securities and Exchange Commission (SEC) clarified that meme coins like the TRUMP token are not securities and are, therefore, outside the SEC's jurisdiction.
The endorsement of the TRUMP token follows President Trump's initiatives to make the U.S. a "Bitcoin superpower", including proposals for creating a strategic Bitcoin reserve, which is seen by proponents as a crucial factor in Bitcoin adoption.
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