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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.
Feb 3, 2025, 9:17 a.m. UTC
What to know:
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.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
