PakGazette– President Donald Trump largely dismissed questions about adding billions of dollars to his personal wealth by launching the $TRUMP memecoin before his inauguration.
Responding to a reporter’s questions about the memecoin, Trump confirmed that he had launched the memecoin, but claimed not to have much knowledge about having personally benefited from its performance.
“I don’t know if it benefited, I don’t know where it is, I don’t know much other than that I launched it, I heard it was very successful,” Trump said at an event at the White House on Tuesday.
Responding to a journalist who told him he had made “several billion dollars” from memecoin, Trump said “several billion? That’s a pittance for these guys,” although it was not immediately clear who he was referring to.
launched to fanfare from traders last week, just days before Trump’s inauguration on Monday. The token reached a market capitalization of more than $14 billion at its peak, earning Trump, who is a major holder, billions in paper profits.
But memcoin swung wildly in volatile trading, raising some questions about possible price manipulation, especially amid rumors that Trump had sold some of his holdings.
$TRUMP stabilized at $41 after peaking at nearly $80 after its release.
But the success of memecoin and the subsequent, less positive launch of $MELANIA, spurred traders’ concerns about the ethical issue of Trump using his influence to tilt speculative markets in his favor.
Trump also made little mention of crypto policy in his first two days in office, denting hopes that he would immediately implement pro-crypto policies through presidential decrees.
– which had reached record levels of more than $109,000 before Trump’s inauguration – fell from these peaks in volatile trading. The broader crypto markets also experienced increased volatility following the release of $TRUMP.
