Donald Trump's TRUMP token, the first-ever memecoin officially endorsed by a sitting president, has suffered a dramatic 75% loss from its peak value. The decline coincides with a broader market downturn triggered by Trump's new trade tariffs against Canada and Mexico.
Donald Trump 's TRUMP token has experienced a dramatic decline of 75% from its peak value within the past 24 hours. The token, which was launched a couple of days before Trump's inauguration ceremony on January 20th as the first-ever memecoin officially endorsed by a sitting president, reached a market cap of $14 billion in less than 48 hours.
However, a market-wide drop, coinciding with Trump's announcement of new trade tariffs against Canada and Mexico, has significantly impacted the token's value. While Trump continues to endorse the token on his social media platform, Truth Social, the market response has been less enthusiastic than anticipated. By Sunday morning, the TRUMP token had plummeted to a low of $19.09, its lowest point since Trump's return to the White House and below its listing price on most major exchanges (around $40). This sharp decline serves as a stark reminder of the volatility inherent in celebrity-backed meme tokens, where even prominent endorsements can falter in the face of broader economic policies and market trends.The TRUMP token's fall is mirrored by a broader market decline triggered by Trump's trade tariff announcement. Bitcoin (BTC) has slumped 6% in the past 24 hours, while major cryptocurrencies XRP (XRP) and Dogecoin (DOGE) have experienced a decline of over 25%, wiping out all of their gains from December and January. This downturn highlights the interconnectedness of the cryptocurrency market and its susceptibility to geopolitical events and economic policies.
TRUMP Token Cryptocurrency Market Volatility Donald Trump Trade Tariffs
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