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- Donald Trump took to Truth Social on Sunday morning in an attempt to boost the price of his $TRUMP memecoin
- The president told the world that $TRUMP was “cool” and was “The Greatest of them all!!!!!!!!!!!!!!!!”
- The evidence suggests otherwise, with the coin down 83% from its highs
The president of the United States of America has been reduced to pumping his ailing memecoin on his social media channel in order to boost the price. This is not a sentence any self-respecting crypto writer would believe they would ever have to write, and yet it’s the incredible truth. On Sunday morning, President Trump took to the lie-fest that is Truth Social in a pathetic attempt to bring his $TRUMP memecoin back from the dead, just two weeks after a stint as a Tesla salesman, not so much bring the office into disrepute but stomping it into the ground and then vomiting on it.
$Trump Dump Shocked Buyers
Trump stunned everyone by launching his own memecoin on January 17, just days before his inauguration, in a shameless act of financial capitalization. Initially, the coin’s value skyrocketed, reaching a peak of $74 per token, driven by fervent support from Trump’s base and speculative investors eager to capitalize on the hype surrounding Trump’s return to office.
Despite the initial gains, the $TRUMP coin’s value has been highly volatile. After its peak, the token’s price plummeted to around $13, leading to substantial losses for many investors. Reports indicate that over 800,000 traders collectively lost approximately $2 billion due to the coin’s rapid depreciation. Additionally, while small investors faced significant losses, entities associated with Trump reportedly amassed nearly $100 million in trading fees during this period.
It seemed that Trump had ditched the coin and moved on to his next grift, helping Elon Musk sell Teslas, but not so, according to a Sunday morning post on Truth Social:
Some may try and pick apart the meaning of this (why it is so cool? What is it the greatest of?), but it’s not worth wasting your time; this was a one-dimensional finger blast aimed squarely at reminding the world that the $TRUMP coin still exists and can be purchased. And it clearly isn’t the greatest of anything, or it wouldn’t be 83% down in value.
Seeing a sitting president trying to pump his own flagging memecoin, which he has studiously ignored since it lost his supporters billions, is utterly shameful but not at all surprising. And it likely won’t be the last time, either.
12% Jump Barely Registers
Trump’s words had a small impact, boosting the price by around 12%, but it is so far off its own highs that the increase barely registers:
Trump’s quick-fire money spinner has resulted in Democratic lawmakers considering legislative measures to address the proliferation of memecoins and protect retail investors from potential exploitation. Some would argue that if people are stupid enough to buy a $TRUMP memecoin then they deserve everything they get, and they’re right. On the plus side, if they lose a lot of money they still have Social Security and Medicaid to fall back on for their essential needs.
Oof.
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Mark Hunter