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Mr. Trump speaks out for the first time about his memecoin.
The new memecoin launched by Mr. Trump has dropped sharply after the US President admitted that he doesn't know much about it.
"I don't know much about it other than I agreed to deploy it, and I hear it's very successful," Trump replied to a reporter's question at a press conference announcing a $500 billion artificial intelligence investment project on January 21.
Mr. Trump's cryptocurrency team unexpectedly launched a memecoin on January 18th. This token reached an all-time high the following day, with a fully diluted market cap of over $70 billion, surpassing other major memecoins.
“Trump just destroyed his own memecoin,” Bloomberg ETF analyst James Seyffart said in response to Trump's comments.
Financial newspaper The Kobeissi Letter commented: 'It seems that Donald Trump is not actively involved in the launch of TRUMP. This also explains the lack of comments since its launch.
Adding to the decline of TRUMP is the launch of a memecoin named after First Lady Melania Trump. Melania Meme (MELANIA) reached an all-time high of $13 on January 20th but has since dropped 68% to just over $4.
The cryptocurrency community appears to be skeptical of Mr. Trump's memecoin, with some even accurately predicting that it will be dumped after the inauguration.
According to the statement on this memecoin's website, there are currently 200 million TRUMP tokens in circulation and the total supply will increase to 1 billion tokens within three years.
According to Arkham Intelligence, a cryptocurrency wallet owned by Mr. Trump contains a lot of memecoins, in which TROG token is the token he holds the most with a value of up to 3.1 million USD.
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