Trump's Meme Coin Surge: $800M Profit, Market Plunge

Coinbase Executive: Trump Profited Over $800 Million from Meme Coin He Launched

In a surprising turn of events, a Coinbase executive has revealed that former U.S. President Donald Trump has profited over $800 million from a meme coin he launched. The token, TRUMP, was issued just before Trump's swearing-in ceremony on January 20, 2025, and quickly gained traction, reaching a market cap peak of $14 billion within 48 hours.

However, the token's value has since plummeted, with retail traders losing money on the investment. Despite the decline, Trump continues to endorse the token on his social media platform, Truth Social. The market's response to the endorsement has been mixed, with the TRUMP token dipping to a low of $19.09, well below its listing price on major exchanges.

The volatility of the TRUMP token is not an isolated incident. Celebrity-backed meme tokens have historically been subject to high levels of volatility, with even high-profile endorsements failing to shield them from broader market trends and economic policies.

The TRUMP token's fall coincides with a broader market decline triggered by Trump's announcement of new trade tariffs against Canada and Mexico. Bitcoin (BTC) slumped 6% in the past 24 hours, while majors like XRP and Dogecoin (DOGE) experienced losses exceeding 25%. The overall crypto market cap shed 8.45% to stand at $3.1 trillion.

The market-wide sell-off was triggered by a combination of stop-loss triggers and fading retail interest. Analysts have noted that trading volumes have been declining over the past few weeks, signaling weaker conviction from investors. The sudden plunge can be attributed to a combination of factors, including the announcement of new tariffs and the broader market trend.

The Crypto Fear & Greed Index, a key sentiment indicator, fell 16 points to a score of 44, sliding into the "Fear" zone for the first time since October 11. This decline reflects growing anxiety among market participants following the tariff-induced crash. Bitcoin (BTC) weathered the storm better than most, declining 6.8% over the past 24 hours to $94,743. The relatively modest dip compared to altcoins