Investors Shun Trump's Token, Turn to Dogizen Amidst Market Slump

Investors Turn to Dogizen as $TRUMP Slumps Despite President’s Latest Pump Attempt

In a surprising turn of events, investors are increasingly turning to Dogizen, a meme coin with a growing community, as the $TRUMP token, endorsed by former U.S. President Donald Trump, continues to slump despite the president's latest attempts to pump its value. The market-wide drop has sent the TRUMP token spiraling further down, with losses from the peak reaching a staggering 75% in just 24 hours.

The TRUMP token was issued a couple of days before Trump's swearing-in ceremony on Jan. 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.

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).

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 and Dogecoin (DOGE) are down more than 25% in a steep drop that has reversed all of December and January’s gains.

Meanwhile, altcoins have also faced a sharp sell-off after U.S. President Donald Trump announced the first round of tariffs targeting imports from China, Canada, and Mexico. Ether (ETH), the second-largest cryptocurrency by market capitalization, led the crash, plummeting 16% in just one hour to hit $2,368 on February 3.