American Coin rose amid rumors that Donald Trump might launch a meme coin with a US theme.
After trading relatively flat for the past three months, the Solana-based meme coin dubbed “American Coin” with the ticker “USA” rose to $0.0000254 on January 19th, from an intraday low of $0.00000503. It rose 405% and formed a divine candle. Its market capitalization soared to nearly $300 million at the time.
American Coin (US)'s dramatic rise occurred in a high-volume trading environment, with daily trading volume surging more than 550% to nearly $300 million. The surge in activity has accelerated speculative gains and pushed meme coins into trends on platforms such as CoinGecko.
Although the memecoin project has nothing to do with the United States, the bulk of the gains witnessed on Sunday may indicate that U.S. President-elect Donald Trump is considering launching a USA memecoin, perhaps by the end of this week. It was brought about after community members reported that there was.
Notably, a USA coin with a similar name was already on the market before these rumors. Speculation over ties to the president has fueled confusion and increased interest in the token, even though it is not directly related to official efforts or the possible launch of a new meme coin.
However, the rally was short-lived, and the token crashed after the president-elect's second son, Eric Trump, debunked the rumors and revealed that USA Coin has no connection to the Trump family.
USA crashed more than 62% soon after, and yesterday's gains were almost completely wiped out by January 20th. At the time of writing, the altcoin was trading at $0.00000964, bringing the market cap down to just under $129 million.
Such events are common among hype-driven meme coins, and this phenomenon was also observed in meme coins recently launched by the Trump family, such as the official Trump (TRUMP) token and Melania Meme (MELANIA).
On January 17, President Trump announced the TRUMP meme coin, which then skyrocketed over 1,000% the next day, reaching a market cap of over $14.5 billion. Similarly, Melania saw increased volatility after its launch, initially soaring nearly 75% within two hours to an all-time high of $13.04. The price then fell to $7.43 before rebounding above $13 and finally stabilizing above $11.
At the time of writing, these meme coins were trading 21% and 10% below their post-launch highs, respectively.
