The American Coin experienced a significant price surge following rumors that Donald Trump might launch a meme coin.
Unexpected Surge of American Coin
On January 19, the Solana-based meme coin American Coin, with the ticker 'USA', spiked to $0.0000254, marking a 405% increase from an intraday low of $0.00000503. Its market cap also rose significantly, reaching around $300 million as trading volume increased by 550%.
Rumors of Trump's Meme Coin
Community reports suggested that incoming U.S. President Donald Trump might consider launching a USA meme coin. This speculation drove interest and confusion despite the project's lack of official connection to Trump or the USA.
Impact on American Coin
Following Eric Trump's clarification, the USA Coin dropped 62%, erasing previous gains. At the time of writing, its price fell to $0.00000964, and the market cap decreased to $129 million.
Short-term spikes and drops, like those seen with American Coin, are typical in the meme coin market where rumors and speculation can heavily influence prices.
