Official Trump memecoin surges +40%

Official Trump, currently the 34th-largest cryptocurrency by market cap, has seen $3.4 billion in trading volume over the last 24 hours. Only 20% of TRUMP tokens (200 million) are currently unlocked, while the remaining 80% have been allocated to a company associated with Trump and the team that set up the token.

Official Trump was trading around $21.32 at the time of publication, according to The Block's data.

The memecoin also received some positive commentary from former BitMEX CEO Arthur Hayes, who highlighted the token's potential in a blog post on Thursday. According to Hayes, Donald Trump checks the price of his memecoin as frequently as he checks the S&P 500 index.

"$TRUMP is down roughly 80% from its high," Hayes wrote. "I believe that if crypto sentiment is improving, $TRUMP will lead Bitcoin. If some policy that those in the political know believe will positively impact crypto, $TRUMP will surge well before the positive news is announced, and then Bitcoin will follow."

Additionally, the Trump-backed DeFi protocol World Liberty Financial recently announced a new strategic token reserve aimed at supporting major cryptocurrencies like Bitcoin and Ethereum. However, some critics argue that WLFI’s structure allows the Trump family to profit from political influence while offering no direct claims to the reserve for token holders