What to know:
- A recent drop in the market has caused Donald Trump’s TRUMP token to plunge 75% from its peak.
- This memecoin was launched just days before Trump’s inauguration on January 20, marking it as the first endorsed by a sitting president.
A significant decline in the market has further impacted the performance of Donald Trump’s TRUMP token, leading to a staggering 75% decrease from its highest value. Launched shortly before Trump’s swearing-in as the first sitting president to endorse a memecoin, it once reached a market cap of $14 billion in under 48 hours. However, most retail investors ended up losing money, as highlighted in a CoinDesk analysis.
Trump continues to promote the token on his platform, Truth Social, stating, “I LOVE $TRUMP!!” and supplying a link for purchases.
Despite his endorsements, the market has not reacted as hoped. By Sunday, the token hit a low of $19.09, below its listing price on major exchanges, which hovers around $40.
This downturn is reflective of the unpredictable nature of celebrity-backed meme tokens, where endorsements can falter due to broader economic conditions and market dynamics.
The TRUMP token’s drop is part of a larger market trend influenced by Trump’s recent trade tariff announcements affecting Canada and Mexico, which have also led to Bitcoin (BTC) falling 6% in the past 24 hours, with XRP and Dogecoin declining over 25%.
