Trump's comments on his namesake Meme coin trigger severe market fluctuations

According to a message from ChainCatcher reported by Decrypt, US President Trump expressed that he "doesn't know much" about his namesake Meme coin TRUMP, causing severe market fluctuations. In a meeting with tech executives, Trump said: "I heard it's very successful, but I haven't paid specific attention."

After this statement was made, the TRUMP coin fell 16% from its 24-hour high of $48.18 to $40.29 but then rebounded to over $43.37. Currently, the market value of TRUMP is approximately $8.7 billion and has reached a fully diluted valuation of $43.6 billion.

The token had previously experienced significant volatility due to First Lady Melania Trump launching competitive Meme coin MELANIA. On the day MELANIA was released, the price of TRUMP coin plummeted by 50%, while MELANIA surged by 12000%.

In addition, according to Bubblemaps data, the supply of tokens for both TRUMP and MELANIA is concentrated in the hands of issuers. An anonymous trader turned an investment of one million dollars into profits exceeding $116 million through precise operations.

Analysts warn that meme coins associated with Mr and Mrs Trump could exacerbate disagreements in Congress over cryptocurrencies and affect progress on crypto regulatory legislation.