What to know:

Donald Trump's official memecoin was the best performing digital asset on Monday during asian hours, according to CoinGecko data, after the U.S. President posted on Truth Social calling TRUMP "the greatest of them all" and "cool."

Market data shows that in the minutes after Trump made the post, his eponymous cryptocurrency went from around $10.93 to approximately $12.25, for a 12% rise. After a brief sell-off, the $TRUMP token is trading at $11.91, or, up around 9%.

According to CoinGecko, this makes it the best performing crypto of the Asia trading day. Ethena is up 8.9%, Bonk is up 8%, and Mantle is up 7% .The CoinDesk 20, a measure of the performance of the largest digital assets, is up around 2%.

It's been a wild ride for the TRUMP token since its debut in January, soaring briefly to billions in market cap amid endorsements by President Trump himself before crashing 75% amidst broader market turmoil, and drawing political backlash from House Democrats aiming to curb officials' involvement in such meme coins through proposed legislation.

House Democrats, led by Rep. Sam Liccardo, have introduced the MEME Act, CoinDesk previously reported, which aims to prohibit federal officials and their families from profiting off meme coins.

In a blog post, Rep. Liccardo specifically called out the $TRUMP token, accusing the First Family of exploiting the public through meme coins, warning of insider trading and foreign influence via the token, and emphasized the prohibition from the MEME Act would extend broadly to other financial assets including securities like Truth Social stock.

The Securities and Exchange Commission, for its part, has said that memecoins – like the TRUMP token – are not securities thus not subject to its oversight.