Trump's TRUMP Token Plummets 75% Despite Promotion

TRUMP Down 75% From Peak Even as Donald Trump Shills the Token on Truth Social

Donald Trump's TRUMP token has plummeted by 75% from its peak, despite the former president's relentless promotion of the memecoin on his social media platform, Truth Social. The token, which was launched just before Trump's swearing-in ceremony on Jan. 20, 2024, initially surged to a market cap peak of $14 billion less than 48 hours after going live. However, most retail traders lost money on the token, as a CoinDesk analysis showed.

Trump continues to endorse the token on Truth Social, recently posting "I LOVE $TRUMP!!" alongside a link to purchase the token over the weekend. However, the market responded with less enthusiasm than anticipated, with the TRUMP token dipping 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 stark reminder of the volatility in celebrity-backed meme tokens comes as Trump's TRUMP token faces stiff competition from other memecoins, such as PEPE, which has recently overtaken TRUMP in market cap. The broader crypto market has also been affected by Trump's trade policies, with Bitcoin (BTC) and other major cryptocurrencies experiencing significant losses.

Trump's recent announcement of new trade tariffs against Canada, Mexico, and China has sent shockwaves through global markets, with Bitcoin (BTC) and other major cryptocurrencies experiencing significant losses. The U.S. President announced a 25% tariff on most imports from Canada and Mexico, while Chinese products will face a 10% duty. Additionally, Canadian energy resources will be subject to a 10% tariff. These measures are set to take effect on Tuesday.

Market reaction was swift and severe across the cryptocurrency sector. Bitcoin (BTC) managed to stabilize around the $95,362 level, while Ethereum (ETH) experienced a steeper decline of 15.8%, trading at $2,602. Other major cryptocurrencies faced similar pressure, with XRP falling 16.4% to $2.40, Dogec