American Coin pumps over 400% on rumors of Trump link, then crashes
American Coin rallied amid rumors that Donald Trump would possibly launch a meme coin themed round america.
After buying and selling comparatively flat over the previous three months, Solana-based meme coin named ‘American Coin’ with the ticker ‘USA’ fashioned a God candle on Jan. 19 because it rose to $0.0000254, up 405% from an intraday low of $0.00000503 whereas its market cap surged to just about $300 million at the moment.
American Coin’s (USA) dramatic rally got here in a high-volume buying and selling atmosphere, with its each day buying and selling quantity hovering by over 550% to hover round $300 million. The surge in exercise fueled speculation-driven positive factors, pushing the meme coin to development on platforms like CoinGecko.
Whereas the meme coin mission has no affiliation with the nation USA, the vast majority of positive factors witnessed on Sunday got here after neighborhood members reported that incoming U.S. President Donald Trump is probably contemplating launching a USA meme coin probably by the top of this week.
Notably, USA coin, which shares an analogous identify, had already been out there prior to those rumors. The hypothesis surrounding a presidential hyperlink fueled confusion and boosted curiosity within the token regardless of it not being immediately related to any official initiative or the potential launch of a brand new meme coin.
Nevertheless, the positive factors have been short-lived, and the token crashed as Eric Trump, the upcoming President’s second eldest son, debunked the rumors, clarifying that the USA coin had nothing to do with the Trump household.
USA crashed over 62% quickly after, and nearly all of yesterday’s positive factors have been wiped off by Jan. 20. When writing, the altcoin was buying and selling down at $0.00000964 whereas its market cap fell again underneath $129 million.
Such occurrences are widespread in hype-driven meme cash, and the phenomenon was additionally noticed in current Trump family-launched meme cash such because the Official Trump (TRUMP) token and Melania Meme (MELANIA).
On Jan. 17, Trump unveiled the TRUMP meme coin, which subsequently surged over 1,000% inside the subsequent day, bringing its market cap to over $14.5 billion. Equally, MELANIA additionally showcased elevated volatility after its launch, initially surging almost 75% to an all-time excessive of $13.04 inside two hours. The value then dropped to $7.43 earlier than rebounding above $13 and finally stabilizing at over $11.
These meme cash have been buying and selling 21% and 10% decrease, respectively, than their post-launch highs when writing.
