As the broader crypto markets turned into 50 shades of red this Friday, large-cap meme coins were among the heaviest hit. To illustrate, the United States President-themed Official Trump (TRUMP) meme coin dipped to a two-month low.
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It could be understood that Donald Trumpโs conflicting actions, including a humongous 25% taxation on European Union and Canadian cars, have started to catch up on the markets due to Mr. Trumpโs hardly predictable regulatory stance.
Market Chaos Takes Toll On TRUMP Coin Price
Amidst the chaos, one of the largest TRUMP coin whales succumbed to a staggering $10.73 million deficit after panic selling 700K of their remaining TRUMP coin stash. Sold on Meteoraโs decentralized market in the early hours of Friday, the crypto whale made $7.58 million, but thatโs still $2.58 million short of his initial TRUMP coin investment, The Data Nerd estimates.
Moreover, this large meme coin player previously sold batches of TRUMP coins at a deficit before, totalling his all-time record to an eye-watering $10.73 million loss, according records from Arkham Intelligence. Just today, Official Trump (TRUMP), the 57th crypto by global market cap, incurred a 8.5% deficit, totalling the monthly drawdown to 22.5%.
Trumpโs Official Coin Slumps 86% From Peak
Notably, TRUMP coin dived over 86% from the all-time peak of $73.43 on January 19, 2025, days before Trump returned to the Oval Office. With the current TRUMP price hovering slightly below $10, meme coin investors should be on the lookout for a full retracement, which could send TRUMP coin to retest $5.
CoinGecko’s global ranks show that all PolitiFi meme coins are on a downward spiral
Meanwhile, other noteworthy PolitiFi meme coin tokens in this niche section flopped in similar percentages. Out of 9 most popular political satire tokens, 5 are Trump-themed, with Melaniaโs signature meme coin Melania Meme (MELANIA) coming second on the list by market cap, also dipping over 10% in a weekly time frame.
On The Flipside
- Only 19.99% of all minted Official Trump (TRUMP) coins are in circulation, meaning that over 80% might be unlocked in the future, inflating the supply.
- Naturally, the flagship assetโs Bitcoin (BTC) dump to $83,000 and Etherโs (ETH) retreat to $1,800 planted a seed of panic among market participants.
Why This Matters
Donald Trumpโs arrival at the White House has opened many doors for the blockchain industry, as well as imposed new challenges due to macroeconomic tensions around the globe. Politised meme coins, such as Trumpโs signature coin, have definitely played a key part in the late 2024 rally.
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