President Donald Trump's push for new cryptocurrency legislation sent his family's Solana-based memecoins sharply higher this week, as broader crypto markets rallied on renewed optimism aroun
President Donald Trump's push for new cryptocurrency legislation sent his family's Solana-based memecoins sharply higher this week, as broader crypto markets rallied on renewed optimism around U.S. digital asset regulation.
The Official Trump token (solana:6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN) jumped 28% over two days to reach a $441 million market cap, while the Official Melania token (solana:FUAfBo2jgks6gB4Z4LfZkqSZgzNucisEHqnNebaRxM1P) gained 24%, reaching an $86 million market cap. The moves followed remarks Trump made at a White House gathering of top crypto industry executives.
President Trump pressed Congress to pass digital asset market structure legislation, a top industry priority, as he hosted cryptocurrency executives at the White House. The president called for "a fair version" of the Digital Asset Market Clarity Act, a bill that has been stuck in the U.S. Senate.
Several top crypto executives, including Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, and Kraken co-CEO Arjun Sethi, along with Intercontinental Exchange CEO Jeffrey Sprecher, spoke alongside Trump at the event.
The Clarity Act aims to define which tokens qualify as securities versus commodities, and which agencies have oversight of the sector. Investors had started to view the bill as effectively dead for 2026 after the Senate left for its August recess without a vote, with negotiations still hung up over an ethics provision and other differences between Republicans and Democrats.
Bitcoin led a rally in major cryptocurrencies, inching back above $71,000 late on Wednesday after Trump hosted top crypto industry executives and called on Congress to pass the stalled legislation. Bitcoin has since climbed further, crossing $76,000 according to the original report. The price of Ether, the second most valuable token, rose more than 18% compared to Tuesday.
The Trump family memecoins have a history of reacting sharply to political catalysts. Earlier in 2026, the Melania token surged 50%, driven by anticipation around a Melania Trump documentary, demonstrating that political event catalysts can still move the token even at depressed levels. Both tokens nonetheless remain a fraction of their peak values. The $TRUMP token was an instant success at launch, catapulting to a $15 billion market valuation, but has since lost around 97% of that value.
The legislative backdrop remains uncertain. Trump urged lawmakers to pass a "fair version of the Clarity Act," a bill that crypto companies say would put them on solid legal ground, but which has stalled in the Senate with little time left on the congressional calendar.
Sources:Bloomberg: Trump Asks Congress to Pass Crypto Bill Alongside ExecutivesForbes: Bitcoin Soars Above $70,000 After Trump Calls For Passage Of Crypto BillCoinDesk: Trump Pushes Congress to Move on Clarity Act During White House Crypto Event
