A significant downturn in the cryptocurrency market has led to a sharp decline in the TRUMP meme coin, launched by Donald Trump on the eve of his inauguration. Despite the president’s efforts to promote the asset, its price has fallen by 75% from its peak.
At the time of writing, the token is trading at $18, having partially recovered from a low of $15.86. Its market capitalization stands at $3.59 billion.
The all-time high price of TRUMP was recorded on January 21 at $48.59.
The meme coin of the president’s wife, Melania Trump, MELANIA, launched shortly after TRUMP, continued its decline. At the time of writing, its price is around $1.42 — 90% below its ATH of $15.5.
Amid negative trends in the market, the cryptocurrency investments of the Trumps’ company, World Liberty Financial (WLFI), decreased by 21%.
According to sources from Reuters, within two weeks of trading, TRUMP generated between $80 million and $100 million in fees. At least 50 of the largest buyers earned over $10 million each. Approximately 200,000 wallets lost money on transactions with the meme coin.
In January, Trump Media & Technology Group (TMTG) — the company operating the social network Truth Social — announced plans to invest $250 million in exchange-traded funds, shares of crypto companies, and digital assets.