Market-Wide Drop Sends TRUMP Token Plummeting
A market-wide drop has sent Donald Trump’s TRUMP token spiraling further down in the past 24 hours, bringing losses from the peak to a staggering 75%.
A Brief History of TRUMP Token
TRUMP was issued a couple of days before Trump’s swearing-in ceremony on January 20 as the first-ever memecoin officially endorsed by a sitting president. It ran from zero to a market cap peak of $14 billion less than 48 hours after going live, though most retail traders lost money on the token, as a CoinDesk analysis showed.
Endorsement and Market Response
Trump continues to endorse the token on his social media platform, Truth Social, where he posted “I LOVE $TRUMP!!” alongside a link to purchase the token over the weekend.
However, the market responded with less enthusiasm than anticipated. By Sunday morning, the TRUMP token had dipped to a low of $19.09, its lowest since Trump’s return to the White House and a price below where it was listed on most major exchanges (around the $40 mark).
Broader Market Trends
This is a stark reminder of the volatility in celebrity-backed meme tokens, where even high-profile endorsements can backfire in the face of broader economic policies and market trends.
As such, TRUMP’s fall isn’t isolated; it coincided with a broader market decline triggered by Trump’s announcement of new trade tariffs against Canada and Mexico. Bitcoin (BTC) slumped 6% in the past 24 hours, while majors xrp (XRP) and dogecoin (DOGE) are down more than 25% in a steep drop that has reversed all of December and January’s gains.
Conclusion
The TRUMP token’s 75% loss in the past 24 hours serves as a cautionary tale about the risks involved in investing in celebrity-backed meme tokens. While high-profile endorsements can generate significant buzz and interest, they are no guarantee of success in the volatile world of cryptocurrency.
FAQs
Q: What is the TRUMP token?
A: The TRUMP token is a memecoin officially endorsed by Donald Trump, issued a couple of days before his swearing-in ceremony on January 20.
Q: What was the peak market cap of the TRUMP token?
A: The peak market cap of the TRUMP token was $14 billion, achieved less than 48 hours after going live.
Q: How did the market respond to Trump’s endorsement?
A: The market responded with less enthusiasm than anticipated, with the TRUMP token dipping to a low of $19.09 by Sunday morning.
Q: What triggered the broader market decline?
A: The broader market decline was triggered by Trump’s announcement of new trade tariffs against Canada and Mexico.
Q: What is the current price of the TRUMP token?
A: The current price of the TRUMP token is $19.09, its lowest since Trump’s return to the White House.
