Trump's Crypto Plummets 75% Despite Promotion

Former U.S. President Donald Trump's cryptocurrency, "TRUMP," has experienced a significant decline, with its value plummeting by 75% despite Trump's recent promotion of the coin. The token, launched on January 17th, initially surged in value but has since faced a steep drop.

The entity behind the "TRUMP" token, CIC Digital, a company owned by Trump, has reportedly earned nearly $100 million in transaction fees in less than two weeks. However, this has come at the expense of thousands of small traders who have suffered losses due to the coin's volatility. According to estimates from three blockchain analytics companies, including Merkle Science and Chainalysis, around 200,000 crypto wallets, mostly containing small amounts, have experienced losses due to the "TRUMP" coin.

Trump's promotion of the coin on February 1st, with the message "I LOVE $TRUMP!!," did not halt its decline. The token's value continued to drop, raising concerns about the sustainability of the project and the potential risks it poses to investors.

The "TRUMP" token's rapid rise and subsequent fall highlight the volatility and risks associated with meme coins and other speculative assets in the cryptocurrency market. As the market continues to evolve, investors are urged to exercise caution and thoroughly research any investment opportunities before committing their funds.