Donald Trump’s official meme coin, $TRUMP, remains a leading player among cryptocurrencies, having increased by 8% following the President’s positive comments on Truth Social. Currently priced near $12, $TRUMP has had its ups and downs since debuting in January, including a massive 75% dip from its peak of $70. This resurgence has occurred despite scrutiny from House Democrats regarding meme coins.

[TRUTH SOCIAL] President Trump stated that his memecoin #TRUMP is “the greatest of them all” and called it “cool.”

House Democrats, spearheaded by Rep. Sam Liccardo, recently proposed the ‘MEME Act’, aiming to prevent federal officials and their families from benefiting financially from meme coins. Nevertheless, the SEC has clarified that meme coins aren’t classified as securities, thus exempting them from federal oversight.

In light of recent market movements, $TRUMP’s market cap is now at $2.3 billion and could surpass $PEPE in the near future.