$TRUMP Lost Billions of Dollars: Did Trump's Careless Words Destroy the Token?

Donald Trump's self-named memecoin, TRUMP, has faced a sharp decline, losing 44% of its value since its peak of $73.43 on January 19. The token, initially valued at $70 billion, has now dropped to $41.6, according to CoinGecko. The sell-off has been exacerbated by Trump's dismissive comments during a press conference on January 21, where he admitted to knowing very little about this cryptocurrency despite it being named after him. "I don't know where it is. I don't know much about it other than the fact that I launched it, and it's been very successful," Trump commented when asked about this token. The president's indifferent attitude, combined with admitting that he hasn't been monitoring its performance, seems to have shaken investors' confidence. To add more curiosity, Trump joked that the billions of dollars worth of this token were "not worth anything" when sharing the stage with famous tech leaders, including Sam Altman of OpenAI and Masayoshi Son of SoftBank. Rough Road for TRUMP Memecoin The unexpected launch of TRUMP memecoin on January 18 initially caused a stir in the cryptocurrency space, pushing memecoin to an all-time high within 24 hours. However, the excitement quickly turned into skepticism as analysts and market participants questioned Trump's involvement in the project. Bloomberg's ETF analyst James Seyffart bluntly commented, 'Trump just destroyed his own memecoin,' referring to the president's derogatory statements. Meanwhile, The Kobeissi Letter notes that Trump appears to not be directly involved in the development and promotion of TRUMP. Adding complexity to the issue, First Lady Melania Trump introduced a memecoin named after her, diverting attention from TRUMP memecoin. Crypto enthusiasts, already wary of the speculative nature of memecoins, quickly predicted its decline after the inauguration and the next hype cycle. The tokenomics of TRUMP also attracts attention. With 200 million dong currently in circulation and the expected supply to increase to 1 billion in three years, concerns about inflationary pressure have contributed to its downward trajectory. Investors are questioning the future Despite the initial hype, the future of memecoin TRUMP seems uncertain. Critics argue that Trump's clear separation from the project undermines its credibility, while others emphasize the inherent volatility and risk of memecoin. According to Arkham Intelligence, one of Trump's wallets heavily invested in other memecoins, including holding a token named TROG worth $3.1 million. Whether TRUMP can recover or sink into oblivion remains to be seen, but at present, it seems that the former president's dismissal has dealt a strong blow to the token bearing his name.