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Trump's memecoin drops to $42 after president's comments

Trump's memecoin drops to $42 after president's comments

GrafaGrafa2025/01/22 12:20
By:Mahathir Bayena

Donald Trump's recently launched memecoin has experienced a significant decline in value following the president's admission of unfamiliarity with the token.

 “I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump stated during a press conference on January 21.

These comments came as he announced a $500 billion investment venture in artificial intelligence, raising eyebrows regarding his engagement with the cryptocurrency.

Following his remarks, the Official Trump token (CRYPTO:TRUMP) plummeted from a high of over $48 to around $42, marking a drop of over 43% since its peak of $73.43 on January 19.

Bloomberg ETF analyst James Seyffart remarked, “Trump just nuked his own memecoin,” reflecting the market's reaction to the president's lack of knowledge about his own cryptocurrency.

The memecoin was launched unexpectedly on January 18 and initially surged to an all-time high, achieving a valuation exceeding $70 billion before the recent downturn.

The decline in TRUMP's value was compounded by the introduction of Melania Trump's own memecoin, which peaked at over $13 but has since fallen by 68%.

The crypto community has expressed scepticism regarding Trump's involvement with the memecoin, with some analysts suggesting that his comments indicate a lack of active participation in its launch.

Currently, there are 200 million TRUMP tokens in circulation, with plans to increase that number to one billion over three years.

Amid this volatility, Arkham Intelligence reported that one of Trump's crypto wallets holds significant amounts of various memecoins, including TROG valued at $3.1 million.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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