TRUMP Soars 12% Ahead Of Gala Dinner—SEC Chair Paul Atkins Grilled On Memecoin, Justin Sun Link During Congressional Hearing

Official Trump (CRYPTO: TRUMP) memecoin led the cryptocurrency gainers on Tuesday, defying the sideways trajectory of blue-chip coins.

What Happened: TRUMP popped over 12%, becoming the top-gaining cryptocurrency over the last 24 hours. The token's trading volume jumped 120% to $1.45 billion, signaling high liquidity and trader interest.

The rally occurred on a day when market heavyweights like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) were trapped in their respective ranges.

See Also: Coinbase Says DOJ Probing Latest Attack On Its Platform, Clarifies Its Not The ‘Subject’ Of The Investigation

The rise comes just two days before President Donald Trump’s gala dinner with the top 220 holders of his meme coin. The event has received widespread media coverage, with critics, particularly from the Democratic Party, accusing Trump of selling access to wealthy and foreign actors invested in his ventures.

The topic reverberated during SEC Chairman Paul Atkins’ congressional hearing on Tuesday. Atkins was asked about the meme coin’s launch leading up to Trump’s inauguration, the special dinner, and cryptocurrency mogul Justin Sun, the token’s largest holder.

Atkins reiterated the SEC’s previously clarified position that meme coins should be viewed as collectibles, not securities.

Price Action:  At the time of writing, TRUMP was exchanging hands at $14.41, up 12.30% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Christopher Sciacca on Shutterstock.com

Read Next: 

• Want A Tesla Cybertruck? Gemini’s New Bitcoin Credit Card Could Be Your Ticket