U.S. President Donald Trump noticed his meme coin’s plummeting motion in recent days, and on Saturday, he attempted to “pump” the token’s price, but it appears Official Trump (TRUMP) isn’t affected amid a broader cryptocurrency market downturn.
The crypto market was in the red over the weekend as financial markets reeled from Trump’s tariff war that has now drawn outrage from Canada and Mexico. Even Trump’s post to express his “love” for his token couldn’t seem to lift the crypto market’s spirits.
Former Trump Comms Director Blasts $TRUMP Pump
Anthony Scaramucci, who briefly served as the White House Director of Communications during Trump’s first presidency, hit at the 47th U.S. president for posting on Truth Social “in an attempt to ‘pump’” his meme coin.
“The result has been an acceleration of the ‘dump,’ now down 70% from its peak,” Scaramucci, the founder of SkyBridge Capital, said.
Other crypto users have since joined in the criticism, with some arguing that pumping a meme token is “illegal,” and if it was ex-President Joe Biden, Republicans would likely call for his impeachment.
“What was supposed to be a Bitcoin president turned out to be a shameless s***coiner,” said one user. Crypto users often call scammers’ meme tokens s***coins.
Another user had a more neutral take, saying the TRUMP token’s downward spiral in recent days only serves as a reminder that investing in meme coins “can be a gamble” and it is crucial to be cautious before cashing in on such cryptocurrencies.
As of late Sunday, the TRUMP token continues to plummet and was trading at around $17, significantly down from its all-time high above $73 earlier last month.
TRUMP, which is one of the world’s largest meme coins by market cap, is down over 12% in the day and has seen a 62% drop in the last two weeks.
Even Social Media is Getting Tired of $TRUMP?
Data from crypto analytics platform LunarCrush revealed that the crypto community’s social media interest in the meme coin shrunk significantly since Jan. 20, when the platform logged up to 54,000 social mentions per hour.
On Saturday, there were only around 4,300 mentions of the token per hour, as per LunarCrush data, suggesting that the token’s popularity has plunged among crypto users on social media.
The massive decrease in engagement and mentions around $TRUMP highlights how there had been mixed reactions to the president’s token launch, with some saying it was a betrayal to Bitcoiners.
$MELANIA Token Also in the Red
The Melania Meme (MELANIA), first lady Melania Trump’s official meme coin, is also down over 11% in the last 24 hours amid an 80% downturn in the last two weeks.
From a high above $13 on Inauguration Day, the meme token is trading at around $1.40 as of late Sunday.
It remains to be seen whether the official coins of the president and his wife will recover once the broader crypto market begins an upward movement, especially with hopes still high for a potential 2025 altcoin season.
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