Trump's Meme Coin Surged in Value After He Promoted It on Social Media

A new meme coin based on former President Donald Trump has risen in value following the promotion of a private dinner with the Trump.

The token, which is named after Trump and features his image, is being sold by cryptocurrency startup Trump Organization. It began trading in March and quickly rose in price, reaching a high of over $10 million per coin.

The coin's value has since fallen, but it is still up significantly since the beginning of the year. The coin's market cap is now $2.7 billion, according to CoinMarketCap.

The coin's price has been volatile, and its value could continue to fluctuate in the coming months. However, the coin's popularity is a testament to the enduring interest in Trump, even after he left office.

The Trump Organization did not immediately respond to a request for comment from Insider on Monday.

The Senate's Permanent Subcommittee on Investigations is probing the token's ownership structure and revenue model — as well as World Liberty Financial, a crypto business Trump is affiliated with — to determine whether they pose a direct conflict, CNBC reports.

The administration has also become friendlier toward crypto, with federal agencies being charged with investigating crypto firms and enforcing rules having been stripped, and cases against top crypto firms, including Coinbase and Ripple, being dropped.

Trump, however, has said less about his administration's actions and more about his own involvement in the industry.

"I haven't even looked. If I own stock in something, and I do a good job, and the market goes up, I guess I'm profitering," Trump said in an interview with "Meet the Press" on Sunday.

During his presidency, Trump also created a task force to boost the industry, appointed a crypto advocate as head of the regulatory agency that oversees crypto and proposed a "strategic crypto reserve" for the government to purchase and hold digital tokens.

Additionally, Trump Media & Technology needs the Trump administration's approval to move forward with its plan to offer bitcoin exchange-traded funds as part of Truth.Fi, its new financial services firm.

The move comes as a crypto bill that Trump wants to sign has hit a roadblock in the Senate. Democrats balked at advancing it after The New York Times investigated World Liberty Financial and its $2 billion deal with a foreign government-backed fund.

The business, which was launched by Trump and his three sons last year, has begun offering stablecoins that could generate tens of millions of dollars a year in revenue for them and their business partners, according to The Times. One of their partners is Steve Witkoff, Trump's longtime friend and Middle East special envoy.