Donald Trump’s meme coin $Trump is down after he seemingly distanced himself from the $7 billion market cap eponymous token launched on January 18. The coin fell nearly 19 per cent from $48 soon after his comments on the gains early Wednesday to $39.
‘I don’t know if it benefited, I don’t know where it is, I haven’t checked it, but I heard it was very successful,” Trump told reporters at a press meeting when asked if crypto would continue to benefit him personally.
On the coin’s value worth several billions reported in the last couple of days, Trump said “several billions are peanuts for these guys,” referring to investments made by technology companies such as Oracle, Open AI, and SoftBank present at the press meet.
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$Trump coin had peaked at $74 on January 19 with a market cap of nearly $15 billion before plummeting to $31 on January 21 morning with a market cap of $6.2 billion, falling by nearly 60 per cent in value. At the time of writing this report, the coin had recovered to $37.2 in price and $7.4 billion in market cap, as per data from Coinmarketcap.com
Moreover, Trump’s paper gains on his crypto holdings have been down to $8 billion from $23 billion on January 18, as per crypto intelligence platform Arkham.
Launched on January 17, 2025, just days before Trump’s inauguration, the coin works on the Solana blockchain and was introduced without any prior announcement. This had led to initial scepticism about its authenticity even as Trump had later confirmed its legitimacy through his social media platforms.
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$Trump has a supply of 1 billion tokens with 200 million tokens released during the initial coin offering (ICO) while the remaining 800 million tokens are held by two Trump-owned entities, CIC Digital LLC and Fight Fight Fight LLC, accounting for 80 per cent of the total supply.
Amid the first steps to legitimise crypto in the US, the Securities and Exchange Commission (SEC) on Tuesday launched a “crypto task force” to set up a regulatory framework for cryptocurrencies in the country.
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