President Donald Trump’s official Solana meme coin–TRUMP–has reached a price not seen since just hours after its launch, as trading volumes of the token slide to new lows.
The President’s meme coin dipped to $14.86 late Sunday, marking the lowest price notched by CoinGecko since early on January 18, just hours after the token was launched by Trump a couple hours ahead of his inauguration.
TRUMP is down 2.6% in the last 24 hours while other major crypto assets like Bitcoin and Dogecoin have remained relatively steady, up 0.6% and down 0.1% respectively during that span.
At a current price of $16.16, TRUMP’s slide marks a further decline of 40% in the last 14 days according to CoinGecko. It’s now down 78% from an all-time high price above $73 set on January 19.
The token’s decline, which bumped it to #44 by market cap overall among all crypto assets, has come despite at least one recent attempt by the President to promote the token, doing so last in a January 31 post on Truth Social.
“I LOVE $TRUMP,” he posted, sharing a link to the official Get Trump Memes website alongside it. No immediate relief came, with the token falling instead in the hours after the post.
Not only is the token down, but trading volume has fallen precipitously, recording an all-time low on Sunday when it saw less than $1 billion in volume according to data from CoinGecko.
By comparison, the token traded more than $20 billion on average in the first five days after launch. Sunday marked the lowest daily tally to date for the fading Solana meme coin.
The token’s slide, alongside that of other major crypto assets, could be attributed in part to the continuation of tariff announcements from President Trump himself. Bitcoin and Ethereum each have lost nearly 2% on the week, while XRP slid about 5% in the same time. Most major assets plummeted in price earlier this month as tariff plans were first announced.
Nevertheless, Trump-connected entities continue to make moves in crypto. Last week, Trump’s media firm announced plans to launch a Bitcoin ETF under the Truth.Fi banner. Meanwhile, World Liberty Financial—which Trump and his sons are advising—has added assets to its treasury while reassuring the community it is “not selling” assets.
Edited by Andrew Hayward
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Logan Hitchcock
https://decrypt.co/305250/trump-solana-meme-coin-sinks-bitcoin-dogecoin-steady
2025-02-10 17:24:24
