4 months ago
A market-wide driblet has sent Donald Trump’s TRUMP token spiraling further down successful the past 24 hours, bringing losses from the highest to a staggering 75%.
TRUMP was issued a mates of days earlier Trump’s swearing-in ceremonial connected Jan.20 arsenic the first-ever memecoin officially endorsed by a sitting president. It ran from zero to a marketplace headdress highest of $14 cardinal little than 48 hours aft going live, though astir retail traders mislaid wealth connected the token, arsenic a CoinDesk investigation showed.
Trump continues to endorse the token connected his societal media platform, Truth Social, wherever helium posted "I LOVE $TRUMP!!" alongside a nexus to acquisition the token implicit the weekend.
However, the marketplace responded with little enthusiasm than anticipated. By Sunday morning, the TRUMP token had dipped to a debased of $19.09, its lowest since Trump's instrumentality to the White House and a terms beneath wherever it was listed connected astir large exchanges (around the $40 mark).
This is simply a stark reminder of the volatility successful celebrity-backed meme tokens, wherever adjacent high-profile endorsements tin backfire successful the look of broader economical policies and marketplace trends.
As such, TRUMP’s autumn isn’t isolated; it coincided with a broader marketplace diminution triggered by Trump's announcement of caller commercialized tariffs against Canada and Mexico. Bitcoin (BTC) slumped 6% successful the past 24 hours, portion majors xrp (XRP) and dogecoin (DOGE) are down much than 25% successful a steep driblet that has reversed each of December and January’s gains.
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