Crypto Market Plunges Amid Trump's Trade War and Industry Mistrust

The cryptocurrency market is experiencing significant losses amidst uncertainty fueled by President Trump's trade war and general mistrust in the crypto industry. The Official Trump (TRUMP) meme coin is one of the day's biggest losers, down 10.8% and posting a 7-day loss of 32%. Trump's announcement of a 25% tariff on the European Union and plans to target Canada, Mexico, and China next week have exacerbated market turmoil.

Other major losers include AI blockchain Bittensor (TAO), down 9.7%, EVM layer-1 network Sonic (S), down 9.6%, and Ethereum decentralized exchange Uniswap (UNI), down 11%. Surprisingly, several major meme coins are also seeing double-digit losses despite the U.S. Securities and Exchange Commission's confirmation that the asset class is not considered a security. Pepe (PEPE) has dropped 8.9%, Dogecoin (DOGE) 9.1%, Floki (FLOKI) 7.4%, and Shiba Inu (SHIB) 8.3%.

The meme coin sector, as categorized by CoinGecko, is down 24.5% over the past seven days, with political meme coins hit even harder, down 32.2%. Bitcoin (BTC) has tanked 17.7% on the week, Ethereum (ETH) 23.4%, and Solana (SOL) 22.1%. Charles Hoskinson-led Cardano (ADA) has taken an 8.9% beating, digital identification platform Worldcoin (WLD) is bleeding 10.1%, and layer-1 blockchain Sui (SUI) is bruising 7.1%.

With these pressures pushing the market down, only one token in the top 100 cryptocurrencies by market cap is in the green by more than 1% over the past 24 hours. Stablecoins are among the best-performing assets, indicating a grim day for the crypto market.