The Official memecoin of Donald Trump (TRUMP) has lost over $10 billion in market capitalization over the last 2 weeks as crypto investors and analysts are accusing the new U.S. president and his team of rug-pulling its early investors.
TRUMP Memecoin Crashes Over 70% In Two Weeks
The TRUMP Memecoin launched on the Solana network on January 17, 2025, just three days before Trump became President of the United States. Two days after its launch, on January 19, the price of the memecoin peaked at $75.35, with a market cap of over $15 billion.
However, since then, the price has dropped by 71.3%, briefly falling to $19.09 at 21:26 GMT+1 on February 1. It has since risen slightly to around $21.12 as of 9:01 GMT+1 on February 2. Although it slightly increased, it is down 12% in the last 24 hours, totalling a 32% loss for the week.
According to CoinGecko, the TRUMP memecoin now has a market cap of $4.2 billion and ranks as the 37th largest coin by market cap. It has fallen from the 15th spot, reflecting how severely the new President’s coin has been affected.
The First Lady’s memecoin, Official Melania Meme (MELANIA), has also sharply declined. It has fallen 87.85% from its peak of $13.73 on January 20, 2025, to $1.66, with no signs of recovery soon.
Donald Trump’s Memecoin Fuels Rug Pull Accusations
The poor performance of the White House memecoins has caused a division in the cryptocurrency community. Many people are upset about the ongoing price drop, while others remain hopeful about the future value of the TRUMP and MELANIA memecoins.
There are claims that the 47th President of the United States took investors’ money and benefitted himself by billions.
Anthony Scaramucci, founder of SkyBridge Capital and a former Trump supporter, criticizes the President for potentially running a pump-and-dump scheme.
He referenced a post from Trump on Truth Social in which he promoted the coin. Trump wrote, “I LOVE $TRUMP!!”, which was seen as an attempt to raise the coin’s price. Instead, it led to more selling.
Scaramucci tweeted on Saturday, “The result has been an acceleration of the ‘dump,’ now down 70% from its peak. The jig is up.”
A tweet from user @0xKeisean sarcastically called Trump the “first president to rug pull in history.” The tweet included a chart showing the price plummeting from $72 to $31 against USDC on January 19.
This follows Trump’s public promotion of the token, which initially increased interest but later caused panic selling. The drastic price drop has led to questions about whether Trump or his associates were financially involved in the token’s rise and fall.
With the memecoin now down over 70% from its peak, investor sentiment has turned negative, and many are calling for an investigation into the token’s background and marketing efforts.
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