TRUMP memecoin has seen a remarkable surge in the last 24 hours, with its price jumping 25%, outpacing gains in bitcoin (BTC) and other major cryptocurrencies. This reversal of losses from earlier in the week has helped the token reach a market capitalization of $8 billion, up nearly 900% since its launch.
In his first address about the token, newly sworn-in U.S. President Donald Trump commented on its success, calling the billions of dollars it has generated “peanuts” compared to the wealth of corporate magnates present at the event. He referred to figures like SoftBank’s Masayoshi Son, OpenAI’s Sam Altman, and Oracle’s Larry Ellison, saying, “That’s peanuts for these guys,” when asked about the token’s success.
Trump also unveiled a $500 billion joint venture, Stargate, which aims to establish data centers in Texas and invest in AI infrastructure.
The TRUMP coin’s rise is viewed by some as a reflection of public sentiment surrounding Trump’s presidency, with possible long-term effects on Web3 and memecoin markets. Yat Siu, co-founder and executive chairman of Animoca Brands, told CoinDesk that the TRUMP token could act as a barometer for public opinion. However, he warned that if the initiative is seen as a mere cash grab without ongoing engagement, it could lead to a decline in interest and liquidity in the meme token space, negatively impacting the reputation of the broader crypto and Web3 industries.
