- Donald Trump’s trade tariffs led to a significant drop in the crypto market, with his memecoin, TRUMP, falling to its lowest price since inception day.
- Despite initial hype, TRUMP has plummeted 75% as some of the coin’s biggest investors made off with profits in the millions.
The ever-controversial Donald Trump presidency is well and truly underway, with his hotly debated trade tariffs causing the crypto market to plummet to kick off February.
Despite an eventual recovery, the impact of the crypto-friendly administration hasn’t exactly translated to market growth… at least, for now.
Memecoins are often the first to feel the pinch upon market contractions — and yesterday’s events were no exception.
The man at the centre of it all, Trump, didn’t emerge unscathed. His memecoin, TRUMP, fell to its lowest price since launch day, sinking to US $16.83 (AU $27.07).
Related: Senator Lummis Puts Pressure on US Marshals’ To Defend its Record on Seized Bitcoin Management
TRUMP Falls More than 75% From Peak
The TRUMP memecoin, made headlines in January when the to-be president launched his own digital currency on Solana.
Acting as somewhat of a fan token, TRUMP ballooned to over US $70 (AU $112). It sat in the top 20 coins by market cap, as Trump’s 80% stake in the coin pushed his network (on paper) to the sky.
The community was split.
On one hand, having an incumbent president endorsing cryptocurrency in such an overt manner was huge. Crypto became the talk of the town, even among those who couldn’t tell you the difference between Bitcoin and a penny.
However, others argued that the project was nothing more than a cash-grab from Trump and his associates.
TRUMP May Have Generated Over $100 Million in Fee Revenue
Admittedly, looking at it now, it’s hard to suggest TRUMP memecoin was a whole lot more than a pump-and-dump. The coin has fallen 75% from its peak, indicating some pretty heavy, and perhaps co-ordinated, profit-taking at the top.
According to Reuters, “at least 50” of the token’s biggest investors made profits in the tens of millions.
While Trump’s personal holdings (or those listed under his businesses) remain intact due to a three-year vesting period, reports suggest he has made over AU $100m from trading fees.
This is thanks to rumoured deals with certain exchanges listing TRUMP, who offered a cut of the trading fees in exchange for exclusive, first-to-market listings.
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