A decrease in the entire market has sent Donald Trump’s Trump token, spiraling further down in the last 24 hours, bringing losses from the top to a staggering 75%.
Trump was issued a few days before Trump’s severe ringing ceremony on January 20 as the first ever Memecoin, officially approved by a sitting president. It ran from zero to a market capital of $ 14 billion less than 48 hours after walking live, though most retailers lost money on the token, as a Coindesk analysis showed.
Trump continues to support the token on his social media platform, truth social, where he sent “I Love $ Trump !!” Next to a link to buy token this weekend.
However, the market responded with less enthusiasm than expected. By Sunday morning, the Trump token was dipped to a low level of $ 19.09, the lowest since Trump’s return to the White House and a price below, where it was performed on most major exchanges (about $ 40 mark).
This is a sharp reminder of the volatility of celebrity-backed Meme-tokens, where even high profiled endorsements can strike back in the light of wider economic policies and market trends.
As such, Trump’s fall is not isolated; It coincided with a wider market drop that was triggered by Trump’s announcement of new trading tariffs against Canada and Mexico. Bitcoin (BTC) dropped 6% over the last 24 hours, while Majors XRP (XRP) and Dogecoin (DOGE) is down more than 25% in a steep fall that has reversed all December and January’s winnings.
