The Official Trump token is feeling the heat after the former president confessed he doesn’t know much about it. But why should he?
Memecoins aren’t serious assets?
Just days after its launch, the token plummeted from $48 to around $42 following Trump’s comments at a January 21 press conference.
When asked about his own memecoin, Trump shrugged that he doesn’t know.
“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful. Where is it today?”
After being told it had made billions, he casually remarked, several billion, that’s peanuts for these guys, gesturing to tech moguls like OpenAI’s Sam Altman and Oracle’s Larry Ellison.
Rise and fall
The Official Trump memecoin hit a high of over $48 before this latest dip, and it’s now down more than 43% from its peak of $73.43 on January 19.
Not exactly the kind of success story you want to hear from the guy whose name is on the coin.
The memecoin launched unexpectedly on January 18 and jumped to an all-time high the very next day, boasting a valuation of over $70 billion and flipping other major memecoins in the process. But now?
Trump just nuked his own memecoin, quipped Bloomberg ETF analyst James Seyffart.
What do we expect from a memecoin?
The Kobeissi Letter pointed out that it seems Trump isn’t really involved with TRUMP’s launch, which might explain why he hasn’t commented much since it debuted.
To add fuel to the fire, Melania Trump also jumped into the memecoin game with her own token, Melania Meme, which peaked at over $13 but has since dropped 68% to just above $4.
The crypto community has been skeptical about Trump’s memecoin from the start. Many predicted a sell-off would happen post-inauguration, and they weren’t wrong.
Currently, there are 200 million TRUMP tokens in circulation, with plans to increase that number to 1 billion over the next three years.
Interestingly, Arkham Intelligence revealed that one of Trump’s crypto wallets is heavily loaded with memecoins, including a $3.1 million worth of a token called TROG.
Have you read it yet? Get ready for an “insane bubble” in crypto
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