Trump's Meme Coin Plunges 70% After Presidential Boost

TRUMP Price Faces Challenges Amid Ongoing Decline and Weak Market Indicators

President Trump's Solana-based $TRUMP meme coin has faced significant criticism and a steep decline following his promotional efforts on social media. Despite the hype, the token has struggled to maintain its value, now down 70% from its peak.

The environment for meme coins has always been volatile, but the recent downturn of President Trump's $TRUMP has raised eyebrows. After Trump shared an excited post about the token on his Truth Social platform, it hit a new low of $19.09, a stark contrast from its pre-inaugural peak of over $73.

Impact of Trump's Post on Market Performance

Following Trump's social media endorsement, the $TRUMP token saw a drastic decline in its market performance. Prominent financier Anthony Scaramucci criticized the move as a misguided attempt to rally supporters behind the flagging token. In a tweet, he stated, "The jig is up," after observing a further drop in trading volume by about 90%. This reaction underscores the unpredictable nature of meme coins, particularly when their base is heavily reliant on celebrity endorsements.

Correlation with Broader Market Trends

The fall of $TRUMP comes amid broader concerns in the cryptocurrency market, where many tokens are experiencing losses. For instance, leading cryptocurrencies like Bitcoin and Dogecoin have also witnessed declines, reflecting a market trend rather than isolated circumstances surrounding the meme token. On the same day, Bitcoin fell by approximately 3% to $99,200, while Dogecoin dropped by 9%.

Historical Context of Meme Coins

The trajectory of meme coins has often been linked to social media trends and endorsements from public figures. This case with $TRUMP illustrates how promotional efforts can sometimes yield opposite results, a phenomenon that traders and investors must navigate carefully. The volatility inherent in such assets becomes evident as the community reacts swiftly to public sentiment.

Token Recovery Prospects

While the $TRUMP coin has seen a slight rebound, pricing around $21 as of this report, the outlook remains cautious. The market response to Melania Trump's recent launch of her own cryptocurrency has also compounded the challenges facing $