TRUMP Token Pulls Back After Initial Surge On Presidential Endorsement – Retail Remains Bullish
Despite the latest rally, the presidential meme coin remains 83% below its all-time high of $73.43, seen in January after its launch.
FollowThe Official Trump (TRUMP) token surged Sunday night before paring gains on Monday morning after President Donald Trump took to Truth Social to endorse the cryptocurrency, calling it the “greatest of them all.”
The presidential meme coin initially jumped more than 12%, crossing the $12 threshold in the hours following Trump’s endorsement. However, the gains proved short-lived.
After a brief sell-off, the token remains up 8% over the past 24 hours, trading just under $12, according to CoinGecko.
U.S. Presient Donald Trump post on Truth Social endorsing the Official Trump token. | Source: @readDonaldTrump via Truth Social
The Official Trump token has been highly volatile since its launch in January, experiencing a 75% crash and drawing scrutiny from regulators and lawmakers.
House Democrats, led by Rep. Sam Liccardo, have introduced the MEME Act, which seeks to prevent federal officials and their families from profiting from meme coins.
Despite the political backlash, the Securities and Exchange Commission (SEC) stated that meme coins are not securities and do not fall under its regulatory oversight.
Official Trump (TRUMP) retail sentiment and message volume on March 24 as of 7:40 a.m. ET | Source: Stocktwits
On Stocktwits, retail sentiment around the TRUMP token remained in ‘bullish’ territory.
One user suggested that Trump was unduly inflating the value of the cryptocurrency, arguing that the token’s movement was purely speculative.
Meanwhile, another user suggested that Trump’s endorsement of the cryptocurrency is not entirely legal.
Despite the latest rally, the Official Trump token remains 83% below its all-time high of $73.43, seen in January when it first launched.
The token, which runs on the Solana blockchain, was initially created with a total supply of one billion coins. Of these, 200 million were publicly released during an initial coin offering (ICO), while Trump-affiliated entities control the remaining 800 million.
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Read also: AVAX, LINK, SOL Lead Gains Among Crypto Majors After Bitcoin Reclaims $87K On Potential Dilution Of Trump’s April Tariffs
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