Trump boosts $TRUMP memecoin by $400 million with Truth Social post, sending price careening

President Trump made a rare direct reference to the Official Trump memecoin with a Truth Social post on Sunday, driving trading volume and sending the token's price rocketing upward, though it swiftly retreated in the hours following the post. 

Trump called the token "SO COOL" and "The Greatest of them all" with a post on Truth Social on Sunday morning, a rare direct reference to the token by the sitting President. "I don't know much about it other than I launched it," Trump told reporters in January . "I heard it was very successful. I haven't checked."

Following the post, the Official Trump token rose in price from $10.91 to about $12.11, an increase of about 11%, before retreating to its current value around $11.46 at time of publishing, for a total gain of around 5%, according to The Block's Official Trump Price Page .  The gain represents around $100 million in market capitalization.  

The post sent trading volumes spiking to the highest levels since early March, according to GeckoTerminal data , as traders rushed to capitalize on the promotion. 

The launch of Trump's memecoin in January, along with the less-successful Melania Meme token styled after his wife, was controversial, leading one Democratic lawmaker to introduce a bill that would block the president, members of Congress and other senior officials, as well as their spouses and children, from issuing or sponsoring securities and cryptocurrencies like memecoins. The Melania Meme token is down about 4.8% in the past 24 hours, according to The Block's data.