After the president admitted that he didn’t know much about it, Trump fell
Donald Trump's newly launched namesake memecoin has suffered yet another setback after the US president admitted he doesn't know much about it.
“I don't know where he is. I don't know much about it except that I started it; Apart from being very successful,” Trump said at a press conference on January 21, in response to a question posed to a reporter, announcing a $500 billion artificial intelligence investment initiative.
“I didn't check it. Where is he today? he asked. After being told the token would be worth billions, he said, “Several billion…it's peanuts to these guys” — gesturing behind him to OpenAI boss Sam Altman, Oracle chief technology officer Larry Ellison and SoftBank CEO Masayoshi Son.
🚨 Now, President Trump says it's peanuts knowing he's made billions with his memecoin startup. pic.twitter.com/wlXv6xt6xW
— Cointelegraph (@Cointelegraph) January 21, 2025
The official Trump (TRUMP) memecoin has dropped from a 24-hour high of over $48 to trade at $42. According to CoinGecko, the token has fallen more than 43% since its all-time high of $73.43 on January 19.
Trump's crypto team held a surprise launch of memecoin on January 18. It peaked the next day, giving it a fully diluted value of over $70 billion, overtaking other major memecoins.
“Trump has activated his own memecoin,” said Bloomberg EFF analyst James Seifert, commenting on Trump.
Financial outlet The Kobeissi Letter opined: “Donald Trump appears not to be actively involved in the launch of TRUMP.” This also explains the lack of comments since launch.
Adding to the TRUMP fallout is the launch of Memcoin by First Lady Melania Trump. The Melania meme hit an all-time high of $13 on January 20, but has since rallied 68% to $4.
BREAKING: Donald Trump's memecoin, $TRUMP, has fallen more than -30% after he said, “I don't know much about it.”
Who runs the $TRUMP memecoin? pic.twitter.com/p9gWVz1HVV
— Kobeissi Letter (@KobeissiLetter) January 21, 2025
Related: Trump, Melania tokens fall hard as memecoins bleed
The crypto community has been skeptical of the president's memecoin, with some correctly predicting that it will sell off after his inauguration.
There are currently 200 million TRUMP in circulation and the supply will grow to a total of 1 billion coins in three years, according to a statement on the token's website.
According to Arkham Intelligence, one crypto wallet owned by Trump is memecoin heavy, with the largest holding being a token called TROG, worth $3.1 million.
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