The U.S. President has finally addressed the explosive success of his Official Trump (TRUMP) meme coin, admitting that he wasn’t involved much in the project beyond launching it.

The Solana-based token, touted as the fastest-growing meme coin in history, initially skyrocketed to a $15 billion market cap over the weekend before dropping to around $8 billion following the release of a competing coin by First Lady Melania Trump.

“I Don’t Know Much About It”

At a press briefing on Tuesday to announce a $500 billion joint venture between OpenAI, Oracle, and SoftBank, the President was asked by a reporter if he intended to continue selling products that benefited him in reference to the TRUMP token.

In response, the head of state said he didn’t know if he’d benefited, admitting that he had no knowledge about the status of the coin. “I don’t know if it benefited [me]. I don’t know where it is,” he said.

He further dismissed any suggestion that he had a deep understanding of the project. “I don’t know much about it other than I launched it,” he stated. “I heard it was very successful. I haven’t checked.”

Trump then inquired about the current value of the meme coin, with a reporter telling him he’d made a lot of money. “How much?” the President asked. “Several billion dollars,” the journalist replied, to which Trump responded, “That’s peanuts to these guys,” referring to people who were at the briefing with him, including Masayoshi Son of SoftBank, OpenAI’s Sam Altman, and the world’s fourth-richest man, Larry Ellison of Oracle.

Divisive Impact on the Crypto Space

The TRUMP meme coin has become a lightning rod for controversy, with critics warning it could undermine the credibility of the crypto market. Yesterday, billionaire investor Mark Cuban dismissed the project, describing it as a gamble that could harm the industry’s legitimacy without proper regulations. Before him, former Coinbase CTO Balaji Srinivasan highlighted the speculative nature of such assets, calling it a “zero-sum lottery.”

There is also a supposition that the ownership of the TRUMP token is dominated by insiders, further fueling concerns about transparency and market manipulation. Some also feel that the President having skin in the meme coin game could hinder bipartisan efforts to advance much-needed crypto legislation.

This view is shared by TD Cowen, with The Block reporting that the financial services firm had warned that possible investigations into TRUMP’s market influence might stall regulatory progress and deepen partisan divides.

At the time of writing, Official Trump was trading at $43.02, having gained 18% in the last 24 hours. The price is still 41% below the coin’s all-time high, but its $8.5 billion market cap places it as the third-largest meme token in the market, behind Dogecoin and Shiba Inu.