PK Press Club– President Donald Trump has largely brushed off questions about adding billions of dollars to his personal wealth through the launch of the $TRUMP memecoin before his inauguration.
Responding to a reporter’s questions about memecoin, Trump confirmed that he had launched memecoin, but claimed not to have much knowledge about having personally benefited from its performance.
“I don’t know what benefited from it, I don’t know where it is, I don’t know much about it other than I started it, I heard it was a big success ” Trump said at a White House event on Tuesday.
Responding to a reporter telling him he had made “several billions of dollars” from memecoin, Trump replied “several billions? That’s peanuts for these guys,” although it wasn’t immediately clear who he was referring to.
was launched with fanfare last week, just days before Trump’s inauguration on Monday. The token reached a market capitalization of more than $14 billion at its peak, netting Trump, who is a major holder, billions in paper gains.
But memcoin has swung wildly in volatile trading, raising questions about possible price manipulation, especially amid rumors that Trump sold some of his holdings.
$TRUMP stabilized at $41 after hitting a post-launch high of nearly $80.
But the success of memecoin, and the less positively received subsequent launch of $MELANIA, raised concerns among traders about the ethical question of Trump using his influence to sway speculative markets in his favor.
Trump also made little mention of crypto policy during his first two days in office, undermining hopes that he would immediately implement pro-crypto policies through executive orders.
– which had reached an all-time high of more than $109,000 before Trump’s inauguration – fell from those highs in volatile trading. Broader crypto markets have also seen increased volatility following the launch of $TRUMP.
