Outside Source
The Official Trump token fell from $48 to $42 after the US president seemed unfamiliar with his own memecoin.
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Donald Trump’s newly launched namesake memecoin has taken another tumble after the US president admitted he didn’t know much about it.
“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump said in response to a reporter’s question at a Jan. 21 press conference announcing a $500 billion artificial intelligence investment venture.
“I haven’t checked it. Where is it today?” he asked. After he was told his token made billions, he said, “Several billion … that’s peanuts for these guys” — pointing behind him to OpenAI boss Sam Altman, Oracle tech chief Larry Ellison and SoftBank CEO Masayoshi Son.
🚨 JUST IN: President Trump found out that he made several billions with his memecoin launch and said that it’s peanuts. pic.twitter.com/wlXv6xt6xW
— Cointelegraph (@Cointelegraph) January 21, 2025
The Official Trump (TRUMP) memecoin has dropped from a 24-hour high of over $48 to trade around $42. The token is down over 43% since its peak high of $73.43 on Jan. 19, according to CoinGecko.
Trump’s crypto team conducted a surprise launch of the memecoin on Jan. 18. It hit an all-time high the following day, giving it a fully diluted valuation of more than $70 billion, flipping other major memecoins.
“Trump just nuked his own memecoin,” said Bloomberg ETF analyst James Seyffart in response to Trump’s comments.
Financial outlet The Kobeissi Letter commented that “it seems as though Donald Trump is not actively involved with the launch of TRUMP. This also explains the absence of comments since it launched.”
Adding to TRUMP’s decline was the launch of a namesake memecoin by First Lady Melania Trump. Melania Meme (MELANIA) topped $13 in an all-time high on Jan. 20 but has since tanked 68% to just over $4.
BREAKING: Donald Trump’s memecoin, $TRUMP, crashes over -30% after he says “I don’t know very much about it.”
Who’s running the $TRUMP memecoin? pic.twitter.com/p9gWVz1HVV
— The Kobeissi Letter (@KobeissiLetter) January 21, 2025
Related: TRUMP, MELANIA tokens crash hardest as memecoins bleed
The crypto community has been skeptical about the president’s memecoin, with some correctly predicting that it would sell off after the inauguration.
There are 200 million TRUMP currently in circulation, and supply will grow to a total of 1 billion coins over three years, according to a statement on the token’s website.
According to Arkham Intelligence, one crypto wallet owned by Trump is very memecoin heavy, with the largest holding being a token called TROG of which he has $3.1 million worth.
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This article first appeared at Cointelegraph.com News
