TRUMP Token Plummets 75% Despite Continued Backing from Donald Trump on Truth Social
The TRUMP token, which was launched just days before Donald Trump’s inauguration on January 20, has witnessed a dramatic 75% decline in value, despite ongoing endorsement from the former president himself on Truth Social.
TRUMP made its debut as the first memecoin ever backed by a sitting U.S. president. It quickly reached a market cap peak of $14 billion within 48 hours of launch, though a CoinDesk analysis revealed that most retail traders ended up losing money due to the token’s volatility.
Trump has continued to promote the token on his social media platform, Truth Social, where he posted “I LOVE $TRUMP!!” over the weekend, encouraging his followers to buy into the token. However, the market response has been less enthusiastic. By Sunday morning, the TRUMP token had fallen to $19.09, a significant dip below its initial listing price of around $40 on many major exchanges.
The sharp decline in TRUMP is part of a broader market sell-off triggered by Trump’s announcement of new trade tariffs on Canada and Mexico. Bitcoin (BTC) slid 6% in the last 24 hours, while major altcoins like XRP and Dogecoin (DOGE) saw losses of over 25%, erasing much of the recent gains from December and January.
The collapse of the TRUMP token is a reminder of the unpredictability of meme-based cryptocurrencies, where even high-profile backing cannot always shield them from broader economic pressures and market trends.
