- President Donald Trump ‘surprisingly’ endorsed his own TRUMP memecoin on Truth Social, calling it “SO COOL” and “The Greatest of them all”.
- Despite presidential promotion, TRUMP briefly rallied but remains down 85% from its January all-time high of US$75.35.
- The presidential memecoin has drawn criticism, with Galaxy CEO Michael Novogratz calling it “a little foolish” while acknowledging Trump’s overall positive stance on crypto.
- Meanwhile, Solana’s dog-themed memecoin BONK surged 27%, with analysts suggesting potential for 150% gains if it breaks out of its falling wedge pattern.
These are truly interesting times we’re living in. The sitting president of the largest economic and military superpower just shilled a memecoin to the whole world.
His own memecoin, to be precise. Donald J. Trump, the current US President, took to his own social media platform, Truth Social, to say he loves the TRUMP memecoin – let that sink in.
TRUMP Up, But Still Down 85% from High, Despite Presidential Support
The memecoin initially rallied from US$10.99 (AU$17.48) to as much as US$12.24 (AU$19.47), but lost most of these gains, falling back to US$11.60 (AU$18.45) at the time of writing.
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Trump’s coin is now down 85% from its all-time high (ATH) in January, when it traded for US$75.35 (AU$119.90).
Trump now saying his coin is “SO COOL” and “The Greatest of them all”, directly contrasts his comments in January when he said that he was only ‘aware’ of it but didn’t really know much about it.
I don’t know much about it other than I launched it. I heard it was very successful. I haven’t checked.
Donald TrumpAfter the January launch, which also included a MELANIA memecoin launch, Rep. Sam Liccardo (D-California), proposed a MEME act to stop Trump and other senior politicians from issuing similar projects in the future.
While there has been some criticism about the launch, some have called it plainly “foolish”.
Galaxy CEO Michael Novogratz said that, despite Trump being overall positive for the crypto sector, his memecoin launch felt “a little foolish”.
Sometimes you got to take the good with the bad.
Michael Novogratz, Galaxy CEOBonk Rallies, But is it Sustainable?
Although the memecoin graze of recent times seems to have slowed down, not all projects are down. Traders might not care much about TRUMP, but they happily bought up Solana memecoin Bonk (BONK).
The dog-themed coin gained 27% in the last week, rising from US$0.000010 (AU$0.000015) to US$0.000013 (AU$0.000020).
Related: Blockchain Sleuth Links $20M Crypto Windfall to Convicted Fraudster William Parker
However, BONK is still down 77% from its ATH in 2024, when it sold for US$0.000059 (AU$0.000094). CT analyst Globe of Crypto wrote that if Bonk can break out from the current falling wedge pattern, it could see up to 150% gains over the coming days.
Despite this, community sentiment on CoinMarketCap shows that a majority is worried about the path of Bonk, with 55% feeling bearish.
