The Official Trump (TRUMP) meme coin is the worst-performing token within the prime 100 cryptocurrencies by market cap this week, in keeping with CoinGecko—touching the bottom worth seen since simply hours after the coin first launched.
TRUMP’s 37% weekly plunge comes as the ebbs and flows within the U.S. President’s trade war trigger important swings throughout the crypto market, although no main coin has been hit as onerous as this one during the last week.
On Friday, President Trump announced that he supposed to impose tariffs of as much as 25% on Canada and Mexico, together with a ten% commerce tariff on China, which brought on the markets to tank all through the weekend. TRUMP was no completely different, in keeping with CoinGecko, falling from $26.07 on Friday morning to $20.54 by the top of Sunday.
After a uneven morning, through which TRUMP fell an extra 14.8% to $17.49, the market bounced again as soon as it was introduced that the tariffs on Mexico would be paused as the 2 international locations tried to barter a deal. In response, the Solana meme coin rallied to $19.86 within the hours thereafter.
Quickly, the proposed tariff on Canada was also paused, however this didn’t cease TRUMP from falling in worth. As Tuesday dawned, information broke that China was set to impose its own set of tariffs on U.S. items in retaliation. This brought on the TRUMP token to fall from its earlier rally to $16.52—the bottom worth registered since January 18, simply hours after the meme coin dropped.
TRUMP launched days earlier than the forty seventh President was set to be inaugurated, rapidly touching its all-time excessive of $73.43 on January 19—earlier than beginning a protracted tumble following the release of Melania Trump’s own meme coin, MELANIA.
Now, TRUMP is down 75% from its all-time excessive worth, crashing 36% up to now 7 days to a present worth of $17.92. At its peak, TRUMP was the second-largest meme coin by market cap behind Dogecoin (DOGE), however has since fallen behind Shiba Inu (SHIB) and Pepe (PEPE) to fourth place.
With this, trading volume for the token has dried up. In line with CoinGecko, TRUMP has seen $2.46 billion price of buying and selling quantity over the previous 24 hours, which is a 93% drop from the $36 billion price of quantity seen on Trump’s inauguration day.
Edited by Andrew Hayward
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