A market-wide drop has sent Donald Trump’s TRUMP token spiraling further down in the past 24 hours, bringing losses from the peak to a staggering 75%.
TRUMP was issued a couple of days before Trump’s swearing-in ceremony on Jan.20 as the first-ever memecoin officially endorsed by a sitting president. It ran from zero to a market cap peak of $14 billion less than 48 hours after going live, though most retail traders lost money on the token, as a CoinDesk analysis showed.
Trump continues to endorse the token on his social media platform, Truth Social, where he posted “I LOVE $TRUMP!!” alongside a link to purchase the token over the weekend.
However, the market responded with less enthusiasm than anticipated. By Sunday morning, the TRUMP token had dipped to a low of $19.09, its lowest since Trump’s return to the White House and a price below where it was listed on most major exchanges (around the $40 mark).
This is a stark reminder of the volatility in celebrity-backed meme tokens, where even high-profile endorsements can backfire in the face of broader economic policies and market trends.
As such, TRUMP’s fall isn’t isolated; it coincided 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 xrp (XRP) and dogecoin (DOGE) are down more than 25% in a steep drop that has reversed all of December and January’s gains.