President Donald Trump‘s meme coin outperformed the broader cryptocurrency market with a double-digit surge on Monday.
What happened: The Official Trump (TRUMP) token surged over 10% in the last 24 hours, reaching a market valuation of $5.92 billion and a fully diluted value of $29.62 billion.
The Solana SOL/USD-based coin's trading volume rose 7.78% to $3.84 billion, making it the ninth-most traded cryptocurrency in the last 24 hours.
TRUMP coin outgained market heavyweights like Bitcoin BTC/USD and Ethereum ETH/USD, which rose 1.08% and 0.96%, respectively.
Widely-followed cryptocurrency analyst Andrew Kang stated that the coin hit a market bottom at $25 and was poised to rally in the days ahead.
Kang added that the downward momentum was reversing and TRUMP could storm into the top 10 biggest cryptocurrencies by market capitalization list.
Meanwhile, First Lady Melania Trump's meme coin MELANIA also traded in the red, rising 7.97% in the last 24 hours to $2.59.
See Also: Elon Musk’s DOGE Department Reportedly Eyes Blockchain To Slash Federal Spending—Justin Sun Says Tron A Good Option
Why It Matters: The latest uptick follows a 60% drawdown in the coin's price from its peak at $74.77. The coin's wild fluctuations have sparked much debate since its launch just before Trump's presidential inauguration.
Benzinga recently conducted a poll, asking its readers if they'd consider buying the meme coin. About 58% of respondents replied in the negative.
A large portion of the coin's supply is controlled by Trump-affiliated companies, birthing speculations that the president was massively profiting from the gains.
Image via Shutterstock
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