American Coin rallied amid rumors that Donald Trump may launch a meme coin around the United States.
After relatively flat trading over the past three months, a Solana-based meme coin called 'American Coin' with the ticker 'USA' created a God candle on January 19th as it rose to $0.0000254, up 405% from the intraday low of $0.00000503 while its market cap rose to nearly $300 million at the time that.
American Coin's (USA) incredible collection came in a high trading environment, with its daily trading volume increasing by more than 550% to around $300 million. The surge in activity fueled gains based on speculation, pushing the meme coin to trend on platforms like CoinGecko.
Although the dog meme project has no connection to the country in the US, most of the benefits seen on Sunday came after the members of the community. reported that incoming US President Donald Trump may consider launching a US meme coin possibly by the end of this week.
In particular, the USA coin, which has the same name, was already in the market before these rumors. Speculation about a presidential connection caused confusion and fueled interest in the token despite not being directly linked to any official campaign or the launch of a new meme coin.
However, the benefits were short-lived, and the mark fell when Eric Trump, the second eldest son of the incoming President, dismissed the rumours, clarification that the US base had nothing to do with the Trump family.
The US plunged over 62% soon after, and nearly all of yesterday's gains were erased by January 20th. At the time of writing, the altcoin was trading down at $0.00000964 while its market cap fell back below $129 million.
Such incidents are common in hype-driven meme coins, and the phenomenon has also been seen recently Meme coins launched by the Trump family such as the Official Trump (TRUMP) token and Melania Meme (MELANIAN).
On January 17, Trump show up the TRUMP meme coin, which rose more than 1,000% within the next day, bringing its market cap to more than $14.5 billion. Similarly, MELANIA also showed more volatility after its launch, initially rising nearly 75% to an all-time high of $13.04 within two hours. The price then fell to $7.43 before rebounding above $13 and finally settling at over $11.
These meme coins were trading 21% and 10% lower, respectively, than their post-launch highs at the time of writing.
