The TRUMP token, a memecoin launched on January 18, 2025, has experienced a significant decline, with its market capitalization dropping from $7.07 billion to $5.07 billion. This substantial drop represents a $2 billion loss in market cap over the past week.
Here are some key points to consider:
- Current Price: The token is currently trading at $25.39, down 27.58% this week and 8.23% in the past 24 hours.
- Launch and Initial Success: The TRUMP token was launched with the promise of revolutionizing the intersection of crypto and political memorabilia. It initially rose to $75.35 within 24 hours of its release and broke into the top 20 cryptocurrencies by market cap.
- Decline in Momentum: The momentum faltered when Trump himself admitted he “didn’t know much” about crypto. Following this revelation, TRUMP began to decline.
- Technical Analysis: TRUMP is currently caught in a descending parallel channel, suggesting either a potential breakout or a further decline. The support level at $13.45 is critical, while resistance at $39.14 must be broken for the token to regain investor confidence.
- Concentration of Ownership: A significant concern is that a single wallet controls 80% of the total TRUMP supply, raising red flags about decentralization.
Source: Nairametrics
