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Speaking to reporters on Tuesday, President Donald Trump briefly addressed the TRUMP memecoin, which debuted on January 17, just days before his inauguration.

“I don’t know much about it other than I launched it,” Trump remarked. “I heard it was very successful. I haven’t checked.”

When informed by a reporter that TRUMP had generated billions in market activity within days of its release, Trump quipped, “Several billion? That’s peanuts for these guys,” gesturing toward SoftBank CEO Masayoshi Son, OpenAI’s Sam Altman, and Oracle co-founder Larry Ellison, who were present in the room.

The Solana-based TRUMP memecoin achieved a market cap of over $13 billion during its peak over the weekend but has since seen significant volatility.

It was the fastest coin to do so and also briefly overtook Shiba Inu as the second biggest meme token in the world after Dogecoin.

Its market cap has fallen to approximately $8 billion, with the token currently trading around $42.

The decline followed the announcement that First Lady Melania Trump had launched her own memecoin, fueling speculation about potential oversupply and insider ownership.

The supply of both tokens is widely believed to be controlled by individuals within the Trump circle, raising questions about market manipulation and ethical implications.

The rapid rise of the TRUMP memecoin has sparked significant attention across the cryptocurrency ecosystem, with major exchanges like Coinbase and Robinhood listing the token.

However, the project’s high-profile nature could complicate bipartisan efforts to pass crypto market structure legislation.

A report by TD Cowen warned that the memecoin could introduce partisan tensions as lawmakers and regulators investigate its market implications.

Critics argue that the memecoin’s speculative nature may detract from broader crypto reforms aimed at establishing a more transparent and secure financial system.

The coins also drew major criticism from the community.

Ryan Selkis, former CEO of crypto research firm Messari and a vocal Trump supporter, criticised the decision to proceed with the launch of a second coin, urging President Trump to dismiss the adviser responsible.

“They don’t know what they’re doing, they’ve cost you significant money and goodwill, and they don’t have your best interests at heart,” Selkis said in a social media post shortly after the launch of the $MELANIA token.

Observers likened the token mechanisms to a “rug pull,” a term used in crypto to describe projects that are abandoned shortly after launch, often resulting in investor losses.

Criticism has also centered on the ownership structure, as 80% of the $TRUMP token’s supply is controlled by Fight Fight Fight and CIC Digital, entities affiliated with the Trump Organization, according to the token’s associated website.

Furthermore, the terms and conditions for both $TRUMP and $MELANIA prohibit buyers from participating in class-action lawsuits and indemnify the project from any claims.

President Trump has signaled an intent to make cryptocurrency a central pillar of his administration’s policy.

He is reportedly preparing an executive order to set cryptocurrency as a national priority.

David Sacks, a prominent investor and tech executive, is expected to lead the administration’s crypto efforts as the newly appointed “crypto czar.”

Under Trump, the Securities and Exchange Commission (SEC) has unveiled a cryptocurrency task force aimed at developing a long-anticipated regulatory framework for digital assets.

The announcement follows the resignation of the SEC’s head, Gary Gensler, and the appointment of Mark Uyeda as acting chairman by President Trump.

The task force will be led by Hester Peirce, a well-known advocate for cryptocurrencies,

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