Trump Memecoin Regains Momentum, Rallies 22% As The President Calls Billions Earned Through The Venture As 'Peanuts'

President Donald Trump made the first public statement on his newly launched meme coin on Tuesday, stating that he knows little about it.

What Happened: Trump was taking questions from reporters during his first White House news conference.

A journalist, referring to the Official Trump (TRUMP) meme coin, asked Trump whether he would continue selling products that benefit him personally. 

“I don’t know if it benefited me; I don’t know where it is,” the president responded. “I don’t know much about it other than I launched it. I heard it was very successful. I haven’t checked where is it today.”

When the journalist suggested that he had made “several billion dollars” from the venture, Trump responded, “That is peanuts for these guys.”

See Also: Trump Names Uyeda Acting SEC Chair, Regulators Get Ready For Crypto Makeover

Why It Matters: Trump’s comments come as the meme coin, which was launched last weekend, quickly gained tens of billions of dollars in market valuation, causing a stir in the cryptocurrency sector.

While the coin tanked on Day 1 of Trump’s presidency, possibly due to no mention of cryptocurrencies in the inaugural address, it regained momentum on Tuesday following the formation of a dedicated cryptocurrency task force by the SEC.

CIC Digital LLC, an affiliate of the Trump Organization, and a related entity, Fight Fight Fight LLC, own an 80% share of the Solana SOL/USD-based asset, according to the coin’s official website. At a fully diluted valuation of $41.43 billion as of this writing, it would mean a controlling stake of $33.21 billion.

Taking a cue, First Lady Melania Trump also launched a memecoin, MELANIA, which has amassed over $4 billion in fully diluted valuation.

Price Action: At the time of writing, TRUMP was exchanging hands at $41.08, surging 22% in the last 24 hours, according to data from Benzinga Pro.

Read Next: 

• Trump’s DOGE Committee Faces Lawsuits Over Alleged Federal Advisory Violations, Lack Of Transparency

Photo courtesy: Shutterstock