Trump's Meme Coin Plunges 25% as Crypto Market Tumbles
1min read The crypto market is experiencing a significant downturn, with President Donald Trump's official meme coin, TRUMP, leading the decline. The Solana-based token has plummeted by 25% in the last 24 hours, reaching a current price of $12.60. This drop is the most substantial among the top 100 cryptocurrencies by market cap during the same period.
TRUMP's price surge on Sunday, from $13.46 to $17.46, was driven by Trump's announcement of plans for a U.S. crypto reserve. The proposed reserve would hold assets such as Bitcoin, Ethereum, XRP, Solana, and Cardano, which all surged in price immediately after the announcement. This positive sentiment led to a broader market rally, with other coins also experiencing price increases.
The market's enthusiasm for Trump's crypto reserve plan has since faded, and investors are now grappling with ongoing inflation fears and looming trade tariffs. The overall market has plunged by 11% in the last 24 hours, with major indices such as the Dow, Nasdaq, and S&P 500 all closing down on Monday. Leading AI stock nvidia ended the day down nearly 9%, while coinbase finished down nearly 5%.
Bitcoin, often referred to as "digital gold," has also felt the pressure, dropping nearly 10% to a current price of $85,337. This decline has erased nearly all of Sunday's gains for the world's largest cryptocurrency. Other prominent cryptocurrencies, such as Solana, XRP, Ethereum, and Dogecoin, have also experienced significant price drops, with Solana and XRP both down by 20% and Ethereum falling by 17%.
Gold, however, has bucked the trend, rising almost 2% to a price of $2,904. This increase may be attributed to investors seeking safe-haven assets amid market uncertainty and geopolitical tensions. As the crypto market continues to grapple with the impact of trade tariffs and inflation fears, investors will be closely watching the performance of major cryptocurrencies and other assets in the coming days.
