TRUMP Token Plunges 75% Despite Trump’s Continued Endorsement on Truth Social
The TRUMP token, initially launched just before Donald Trump’s swearing-in ceremony on January 20, has seen its market value plummet by a staggering 75%, despite the former president’s active promotion of the token on Truth Social.
Created as the first-ever memecoin officially endorsed by a sitting U.S. president, TRUMP saw its market cap surge to $14 billion within hours of its release. However, a CoinDesk analysis revealed that most retail traders ended up losing money on the token as the speculative hype faded quickly.
Trump has continued to back the token, recently posting on Truth Social, “I LOVE $TRUMP!!” and sharing a link for followers to purchase the coin. However, his endorsement hasn’t stopped the market from reacting negatively. By Sunday morning, the token had fallen to a low of $19.09, dropping below its initial listing price of around $40 on major exchanges.
The decline in the TRUMP token comes as part of a wider market downturn triggered by the news of new trade tariffs imposed by the White House on Canada and Mexico. Bitcoin (BTC) dropped 6% in the past 24 hours, while major altcoins such as XRP and Dogecoin (DOGE) saw losses of more than 25%, erasing the gains made throughout December and January.
This steep drop underscores the inherent volatility in meme tokens, even when supported by high-profile endorsements.
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