The $TRUMP meme coin, linked to U.S. President Donald Trump, has lost 64% of its value in the last 10 days. At its market high on January 20, the cryptocurrency had a market capitalization of $14.9 billion and has now dipped to $5.5 billion. At the time of writing, the token is priced at $27.7 per coin, which is far from its all-time high of $75.
The sharp downturn started after the president of the United States, Donald Trump, stated that he was not personally involved in the project. These remarks led to an instant plunge in the value of the coin and the decline persisted as investors started to question the viability of the token.
The $MELANIA coin was introduced into the market by Melania Trump on the 20th of January and this occurred at the time when $TRUMP’s market capitalization was falling to $8 billion
The $MELANIA coin also experienced a significant downturn. After reaching a peak market cap of $2.2 billion on January 20, it has fallen by 82% to approximately $396 million.
President Trump issued an executive order on the 23rd of January to create a cryptocurrency working group.The initiative seeks to identify new rules and the establishment of a national cryptocurrency reserve. Moreover, Trump Media and Technology Corp a company that Trump controls, has recently revealed that it has launched a new financial platform called Truth.Fi will focus on cryptocurrencies, SMAs, and ETFs that are primarily focused on Bitcoin and similar assets.
Coinbase, a cryptocurrency exchange platform, has added more members to its Global Advisory Council among them being Chris LaCivita, the co-manager of Trump’s 2024 re-election campaign. This action is consistent with the approaches to create a more coherent framework of the regulation of cryptocurrencies in the US