What to know:

Donald Trump's presidential memecoin was the best performing digital asset, rising 12% after a post by Trump on Truth Social, and is currently trading at $11.91.

The token has experienced significant volatility since its debut in January, including a 75% crash, and has faced political backlash from House Democrats.

House Democrats, led by Rep. Sam Liccardo, have introduced the MEME Act to prevent federal officials and their families from profiting off meme coins, while the SEC has stated that memecoins are not securities and thus not under its oversight.

Market data :

 shows that in the minutes after Trump made the post, his eponymous cryptocurrency went from around $10.93 to approximately $12.25, for a 12% rise. After a brief sell-off, the $TRUMP token is trading at $11.91, or, up around 9%.

(CoinDesk Indices)

According to CoinGecko, this makes it the best performing crypto of the Asia trading day. Ethena is up 8.9%, Bonk is up 8%, and Mantle is up 7% .The CoinDesk 20, a measure of the performance of the largest digital assets, is up around 2%.

It's been a wild ride for the TRUMP token since its debut in January, soaring briefly to billions in market cap amid endorsements by President Trump himself before crashing 75% amidst broader market turmoil, and drawing political backlash from House Democrats aiming to curb officials' involvement in such meme coins through proposed legislation.

House Democrats, led by Rep. Sam Liccardo, have introduced the MEME Act, CoinDesk previously reported, which aims to prohibit federal officials and their families from profiting off meme coins.

In a blog post, Rep. Liccardo specifically called out the $TRUMP

token, accusing the First Family of exploiting the public through meme coins, warning of insider trading and foreign influence via the token, and emphasized the prohibition from the MEME Act would extend broadly to other financial assets including securities like Truth Social stock.#ilove $TRUMP