Donald Trump’s recently introduced memecoin, named after him, has experienced a notable decline following his surprising admission of limited knowledge about it. During a press conference on January 21, where he announced a substantial $500 billion investment in artificial intelligence, Trump responded to inquiries about the memecoin by stating his unfamiliarity. He acknowledged launching the token and noted its prior success but expressed a lack of current awareness regarding its trading status.
In just a short span, Trump’s Official Trump (TRUMP) memecoin fell dramatically from a high of over $48, settling around $42. This decline translates to a staggering over 43% drop since reaching an impressive peak of $73.43 on January 19, based on reports from reliable market data sources. The initial surprise launch of the token on January 18 propelled it to an all-time high the subsequent day, achieving a fully diluted valuation exceeding $70 billion and briefly surpassing other well-known memecoins.
Investor sentiment has been unsettled by Trump’s remarks, with analysts pointing out that his comments appear to have adversely impacted the token’s market performance. This skepticism is amplified by observations suggesting that Trump has not been closely involved in the ongoing developments of the TRUMP memecoin, which explains the lack of updates since its inception.
The situation was further complicated by the simultaneous launch of a memecoin associated with Melania Trump. The Melania Meme (MELANIA) reached its peak at over $13 on January 20 but subsequently dropped by 68%, now trading at just over $4. Amid the swirling uncertainty, the crypto community remains cautious, with many investors anticipating volatility following the inauguration. Currently, 200 million TRUMP tokens are in circulation, with plans to increase the supply to a total of 1 billion coins over the next three years.
In related developments, reports reveal that one of Trump’s crypto wallets is heavily invested in memecoins, with a significant holding in a token called TROG, valued at approximately $3.1 million.
