The Official Trump (TRUMP) meme coin is the worst-performing token in the top 100 cryptocurrencies by market cap this week, according to CoinGecko—touching the lowest price seen since just hours after the coin first launched.
TRUMP’s 37% weekly plunge comes as the ebbs and flows in the U.S. President’s trade war cause significant swings across the crypto market, though no major coin has been hit as hard as this one over the last week.
On Friday, President Trump announced that he intended to impose tariffs of up to 25% on Canada and Mexico, along with a 10% trade tariff on China, which caused the markets to tank throughout the weekend. TRUMP was no different, according to CoinGecko, falling from $26.07 on Friday morning to $20.54 by the end of Sunday.
After a choppy morning, in which TRUMP fell an additional 14.8% to $17.49, the market bounced back once it was announced that the tariffs on Mexico would be paused as the two countries attempted to negotiate a deal. In response, the Solana meme coin rallied to $19.86 in the hours thereafter.
Soon, the proposed tariff on Canada was also paused, but this didn’t stop TRUMP from falling in value. As Tuesday dawned, news broke that China was set to impose its own set of tariffs on U.S. goods in retaliation. This caused the TRUMP token to fall from its previous rally to $16.52—the lowest price registered since January 18, just hours after the meme coin dropped.
TRUMP launched days before the 47th President was set to be inaugurated, quickly touching its all-time high of $73.43 on January 19—before starting a long tumble following the release of Melania Trump’s own meme coin, MELANIA.
Now, TRUMP is down 75% from its all-time high price, crashing 36% in the past 7 days to a current price of $17.92. At its peak, TRUMP was the second-largest meme coin by market cap behind Dogecoin (DOGE), but has since fallen behind Shiba Inu (SHIB) and Pepe (PEPE) to fourth place.
With this, trading volume for the token has dried up. According to CoinGecko, TRUMP has seen $2.46 billion worth of trading volume over the past 24 hours, which is a 93% drop from the $36 billion worth of volume seen on Trump’s inauguration day.
Edited by Andrew Hayward
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Source: https://decrypt.co/304380/president-trump-solana-meme-coin-plunges-trade-war
