United States president president Donald Trump’s memecoin Trump Official (TRUMP) lost about 75% of its value compared to peak prices.
Market data shows that TRUMP reached a peak market cap of $14 billion in under 48 hours after launch. Still, analysis by industry news outlet Coindesk suggests that most retail market participants lost money on their investments.
The details
Trump continues to endorse his memecoin on his own social media platform Truth Social. He posted “GET YOUR TRUMP NOW” alongside a link to acquire tokens over the past weekend:
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community.”
Still, the market seemingly lost much of its enthusiasm for Trump’s memecoin. TRUMP currently trades at $19.10, nearly 75% lower than the all-time high of $75.35 reported on Jan. 19 — about two weeks ago. TRUMP’s market cap currently stands at $4.57 billion, far from its highest reported value of about $14.5 billion
Still, the initiative has seemingly worked out for Trump himself. According to recent reports, the memecoin raked in at least $11.4 million in fees for organizations connected to the president.
Furthermore, blockchain analysts have also noticed suspicious trading activity surrounding Trump’s memecoin. Onchain analytics firm Bubblemaps investigated a crypto wallet funded with $1 million four hours before the TRUMP memecoin launched, pointing to possible insider trading.
Other concerns include fraudulent tokens that flooded the market with imitation tokens. According to recent reports, crypto analysts reported 6,800 fraudulent tokens and 91 fake dApps since $TRUMP was launched.
Trump also keeps increasing his participation in the crypto space in other ways. Trump Media and Technology Group (DJT) — the operator of Trump-linked social media platform Truth Social — recently announced the launch of Truth.fi — acting as a financial services platform focused on cryptocurrencies and exchange-traded funds. Trump Media CEO and Chairman Devin Nunes is quoted in the announcement:
“Truth.Fi is a natural expansion of the Truth Social movement. We began by creating a free-speech social media platform, added an ultra-fast TV streaming service, and now we’re moving into investment products and decentralized finance.”
