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.
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