The American Coin surged following whispers that Donald Trump could introduce a cryptocurrency inspired by the USA, based on meme coin concepts.
Over the last three months, ‘American Coin’, a meme token built on the Solana platform and identified by the ticker ‘USA’, experienced a steady phase. However, a significant shift occurred on January 19th, as the coin spiked to $0.0000254, representing an impressive increase of 405% from its intraday low of $0.00000503. This surge also caused the market cap to swell almost to $300 million at that point in time.
In a bustling trading market, American Coin’s (USA) impressive surge saw its daily trading volume skyrocket by more than 550%, peaking at approximately $300 million. This significant increase in activity sparked speculative growth, causing the meme coin to gain popularity on platforms such as CoinGecko.
Although the meme coin initiative isn’t linked to the United States, the significant profits seen on Sunday were largely driven by rumors that the incoming U.S. President, Donald Trump, might be thinking about launching an American meme coin as soon as this week.
To clarify, the U.S. coin with a similar name was already circulating before the rumors emerged. The speculation about its connection to a president stirred up confusion and increased curiosity in the digital token, even though it had no direct ties to any official endeavor or the launch of a new meme-based cryptocurrency.
Nevertheless, the benefits didn’t last long, as the token plummeted after Eric Trump, the second eldest son of the incoming President, dismissed the rumors, stating that the USA coin was not associated with the Trump family in any way.
After a significant drop of more than 62%, the USA saw most of its recent gains disappear as early as January 20th. At that time, the altcoin was being traded at approximately $0.00000964, and its market capitalization had dropped below $129 million once again.
Frequently, events like these take place in meme tokens that are fueled by hype. This behavior has been noticed not just in regular meme coins but also in recently launched meme tokens associated with the Trump family, such as the Official Trump token and the Melania Meme coin.
On January 17th, Trump introduced the TRUMP meme coin, leading to a dramatic rise of more than 1,000% in its value within a day, pushing its market capitalization past $14.5 billion. Remarkably, MELANIA, too, displayed heightened volatility upon its debut. It surged by almost 75% to reach an all-time high of $13.04 within just two hours. However, the price fell to $7.43 before recovering and going above $13 again, eventually settling over $11. In simpler terms, the TRUMP and MELANIA coins experienced rapid growth and fluctuations after their launch.
In simpler terms, these digital coins modeled after memes were currently trading 21% and 10% below their peak values following their initial launch.
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2025-01-20 12:32