President Donald Trump's Solana meme coin TRUMP hit a brand new post-inauguration low Saturday, lower than a day after Trump posted concerning the coin on social media—a transfer {that a} former distinguished ally of his described as an apparent try to "pump" the flailing token.
TRUMP fell as little as $19.09 on Saturday, per information from CoinGecko, which is the bottom value seen since he returned to the White Home on January 20. The coin dipped as Bitcoin, Dogecoin, and different heavyweights additionally fell on Saturday as Trump introduced that commerce tariffs towards Canada and Mexico would quickly take impact.
However the fall additionally got here after Trump posted concerning the coin through his personal social media platform—a transfer that has drawn distinguished criticism. Trump posted the message "I LOVE $TRUMP!!" on Fact Social late Friday, together with a hyperlink to the web site for the formally licensed coin.
SkyBridge Capital founder Anthony Scaramucci, who briefly served as Trump's Director of Communications through the president's first time period, took purpose on X (previously Twitter) late Saturday in what he noticed as a transparent try to attempt to juice a falling meme coin.
"President Trump posted on Truth Social last night in an attempt to 'pump' his meme coin (yes that’s a real sentence that many have normalized)," Scaracmucci wrote Saturday morning. "The result has been an acceleration of the 'dump,' now down 70% from its peak. The jig is up."
TRUMP solely fell more durable after that time, although it has since rebounded just a little bit: The Solana token is priced simply above $21 as of this writing, down nearly 6% on the day and 27% during the last week.
The token is certainly down greater than 70% from its peak value above $73, set on January 19 earlier than Trump's spouse, Melania, launched her personal coin in a market-tanking transfer for TRUMP.
As Decrypt reported final week, day by day buying and selling quantity for TRUMP has plummeted by 90% since his inauguration, whereas on-chain holders and different metrics have equally declined.
Most main cryptocurrencies are within the crimson as of this writing following the aforementioned influence of fears over commerce tariffs with America's neighbors. Bitcoin is down about 3% on the day at $99,200, whereas Dogecoin has fallen by 9% prior to now 24 hours to $0.294, XRP is down almost 6% to $2.80, and Solana has dropped nearly 7% to $211.
