Donald Trump’s endorsement sends TRUMP token soaring.

Donald Trump’s official memecoin surged to become the top-performing digital asset on Monday during Asian trading hours, following a Truth Social post from the U.S. President in which he declared TRUMP “the greatest of them all” and “cool.”

According to CoinGecko data, the token’s price spiked from approximately $10.93 to $12.25 in minutes, marking a 12% jump. A brief sell-off followed, with TRUMP settling at $11.91, still up around 9% on the day.

This rally positioned TRUMP as the best-performing cryptocurrency in the region, outpacing Ethena, which rose 8.9%, Bonk at 8%, and Mantle at 7%. Meanwhile, the CoinDesk 20 index, which tracks the largest digital assets, gained roughly 2%.

Since its launch in January, TRUMP has experienced extreme volatility, briefly reaching a multi-billion-dollar market capitalization before plummeting 75% amid broader market declines and increasing political scrutiny.

House Democrats, led by Rep. Sam Liccardo, have introduced the MEME Act, aiming to restrict federal officials and their families from profiting off memecoins. In a CoinDesk report, Rep. Liccardo criticized TRUMP, accusing the First Family of leveraging memecoins for personal gain, raising concerns about insider trading and foreign influence. The proposed MEME Act would extend restrictions beyond digital assets to include securities like Truth Social stock.

The Securities and Exchange Commission (SEC) has stated that memecoins, including TRUMP, do not qualify as securities, meaning they fall outside of the agency’s regulatory purview.