TRUMP, the Solana-based meme coin associated with President Donald Trump, has seen a steep decline following his recent attempt to promote it on social media.
TRUMP, the Solana-based meme coin associated with President Donald Trump, has seen a steep decline following his recent attempt to promote it on social media. The coin, which reached a high of $75 on Jan. 19, has since fallen by over 70%, dropping to a low of $19.09 on Saturday, marking its lowest point since Trump returned to office on Jan. 20. This latest dip came after Trump posted on Truth Social, writing, “I LOVE $TRUMP!!” and linking to the coin’s official website.
Trump's promotion sparked criticism from figures like SkyBridge Capital founder Anthony Scaramucci, who called it an effort to "pump" the token. Scaramucci posted on X (formerly Twitter), saying the attempt had led to the coin’s accelerated decline, noting it was now down 70% from its peak. Despite Trump’s attempt to rally support, the coin continued its downward trend, with its price hovering just above $21 at the time of writing, a nearly 6% drop on the day and a 27% loss over the past week.
The broader cryptocurrency market has also been under pressure, with Bitcoin, Dogecoin, and other leading tokens experiencing losses. Bitcoin fell by 3% to $99,200, Dogecoin dropped 9% to $0.294, and Solana, the blockchain on which TRUMP is based, saw a 7% decline to $211. Analysts have linked some of these declines to fears over new trade tariffs between the U.S., Canada, and Mexico, which Trump announced just before the market dip.
Despite the poor performance, some traders still view the dip as a potential buying opportunity. Technical analysts have pointed to a “falling wedge” pattern, which could signal a possible rebound. Captain Faibik, a prominent analyst, suggested buying the dip, while Edward Morra, another market figure, expressed confidence that the coin might recover if it stays above a critical support level.
However, TRUMP’s trading volume has fallen dramatically. Data shows that daily trading volume has plummeted by 90% since Trump’s inauguration, signaling a lack of investor interest. Liquidations have surged, with over $15 million in liquidations recorded in the past 24 hours. TRUMP’s open interest has dropped by 13%, and the token’s market rank has slipped to fourth place, now trailing PEPE Coin.
The coin’s performance has raised questions about its long-term viability, especially as it faces mounting criticism and declining trading activity. With analysts divided on its future, it remains to be seen whether TRUMP will recover or continue to struggle in the volatile crypto market.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
