Trump Coin (Official Trump/TRUMP) has seen a massive price correction over the last few months. According to CoinGecko’s TRUMP data, the project’s market cap has fallen to the 100th rank. TRUMP currently has a market cap of $1.2 billion. CoinGecko shows that the asset’s price has rallied 1.5% in the last 24 hours, but is down 16.6% in the weekly charts, 15.8% in the 14-day charts, and 26.9% over the previous month.
Is Trump Coin Done For?
TRUMP saw a massive price rally within hours of its launch on Jan. 17 of this year. The coin hit an all-time high of $73.43 on Jan. 19, the same day as President Trump’s inauguration. However, the coin’s price has fallen by more than 91% since its January peak.
Official Trump (TRUMP) does not have any utility. Its price moves in tandem with President Trump’s popularity. Since his tariff spree, President Trump has seen a dramatic rise in opposition. Many have questioned the President’s economic policies. Others have also called into question his family’s crypto dealings. These factors have led to a substantial dip in President Trump’s popularity, which may have negatively affected TRUMP’s price.
Apart from President Trump’s popularity dip, the crypto market has also faced substantial challenges over the last few weeks. The market experienced a massive crash over the weekend due to trade disputes between the US and China. The market showed signs of a recovery after both nations had positive negotiations.
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Given the fragile economic condition and the dwindling popularity of President Trump, it is unlikely that the Trump Coin will regain its lost lustre. Many anticipate the Federal Reserve to roll out another round of interest rate cuts later this month. The move could lead to a crypto market rally. Such a development could potentially aid TRUMP’s price.