Donald Trump’s viral meme coin saw significant volatility on Tuesday after the President attempted to distance himself from the $8 billion project that bears his name.

“I don’t know much about it other than I launched it,” Trump told reporters at a tech executive meeting. “I heard it was very successful. I haven’t checked.”

After climbing to a 24-hour high of $48.18, the Official Trump (TRUMP) meme coin fell 16% to $40.29 immediately following his comments. It has since regained a footing above $43.37.

When informed about the token’s multibillion-dollar valuation, Trump dismissed it as “peanuts” compared to tech investments, speaking alongside executives from SoftBank, OpenAI, and Oracle.

The token recovered by roughly 7.5% within an hour of his comments, bringing the token back to an $8.7 billion market cap with a fully diluted value of $43.6 billion. 

The latter measures how much a coin’s market cap could be valued if all of its supply comes into circulation based on how much it is currently worth.

The TRUMP token

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Author: Vince Dioquino