President Trump entered office with an extremely bullish outlook for the crypto industry. Within weeks of starting his second term as the US President, Trump signed an executive order to establish a digital asset reserve for the US. We were then introduced to the Trump Coin (Official Trump/TRUMP), which made waves in the crypto community. The Trump family has denied having any relation to the cryptocurrency, contrary to what many believe. However, it should be noted that President Trump had dinner with the top TRUMP holders earlier this year. Despite not having any official links, TRUMP’s price soared after President Trump assumed office. However, Trump Coin has faced a steep price fall over the last few months.
Did Trump Coin’s Price Fall Due To President Trump’s Tariffs?
TRUMP’s price hit an all-time high of $73.43 on Jan. 19 of this year, the same day as President Trump’s inauguration. The asset’s price has fallen by more than 88% since its January peak. According to CoinGecko’s TRUMP data, TRUMP’s price is currently down by 3.8% in the daily charts, 7.9% in the weekly charts, 7.4% in the 14-day charts, and 23.6% over the previous month. The project’s valuation has also significantly fallen, and it is currently the 76th largest crypto by market cap.
Trump Coin’s price correction over the last few months could be due to the dip in President Trump’s popularity on the global stage. Trump has levied heavy tariffs on several trade partners and has redrawn the US alliance map. Altcoins and memecoins are subject to heavy speculation and online buzz. The price of coins that are based on personalities often moves in tandem with the individual in question’s popularity.
Trump Coin’s dip may also be due to a general bearishness in the crypto market. Only the top crypto projects saw sustained gains over the last few months. Smaller projects have taken a beating.
Also Read: The Real Number: Trump’s Crypto Gains Since 2022, Counted
Moreover, the Trump Coin does not have any real-world use cases. Investors may have entered the project to make a quick buck. The project could see a price reversal if market conditions improve over the coming months.