TRUMP Token Faces Significant Market Decline
A recent market-wide downturn has triggered a dramatic decline in Donald Trump’s TRUMP token, which has plummeted by an astonishing 75% from its peak value in just 24 hours. The TRUMP token was launched just before Trump’s inauguration on January 20, marking it as the first-ever memecoin to receive official endorsement from a sitting president. Within less than 48 hours of its launch, the token skyrocketed to a market capitalization of $14 billion. However, an analysis by CoinDesk revealed that most retail investors ended up incurring losses on their investments.
Despite the token’s struggles, Trump has maintained his support for it through social media. He recently shared a post on Truth Social stating, “I LOVE $TRUMP!!”, which included a link for purchasing the token over the weekend. Yet, the market’s reaction fell short of expectations. By Sunday morning, the TRUMP token had dropped to a concerning low of $19.09, its lowest price since Trump’s return to the White House, notably below its initial listing price on major exchanges, which was around the $40 range.
This situation serves as a stark reminder of the inherent volatility associated with celebrity-backed meme tokens, where even the most high-profile endorsements can struggle amidst prevailing economic policies and market fluctuations. The decline of the TRUMP token is not an isolated incident; it aligns with a broader market downturn initiated by Trump’s recent announcement of new trade tariffs targeting Canada and Mexico. In the wake of this news, Bitcoin (BTC) has experienced a 6% decline over the past 24 hours, while major cryptocurrencies such as XRP (XRP) and Dogecoin (DOGE) have seen drops exceeding 25%, effectively reversing all the gains made in December and January.
