The “official” Donald J. Trump memecoin, TRUMP, has done extraordinarily poorly despite endorsements from his children.
It was launched on January 18 this year, two days before Trump’s inauguration, and data from CoinGecko says that its market capitalization was $5.8 billion.
This was immediately valuable to the Trump family, with the official website noting that 80% of the total supply was held back for the “creators and CIC Digital” and would be valued at $4.6 billion on this first day of trading.
CIC Digital is a firm linked to the Trump family.
Read more: ANALYSIS: Mapping Donald Trump’s growing crypto empire
Eric Trump endorsed this coin on the day of its launch, stating, “$Trump is currently the hottest digital meme on earth.”
Donald Trump Jr. endorsed it a day later, stating literally the exact same thing.
It quickly reached a peak market capitalization of approximately $8.8 billion on January 22, which would value the 80% “creator and CIC Digital” stake at $7 billion.
This sense of peace didn’t last once the TRUMP team announced that it was planning on launching its own crypto wallet.
Read more: ANALYSIS: Eric and Donald Trump Jr. are cashing in on crypto
This led to Junior claiming that he and Eric knew nothing about this project and using it as an opportunity to promote World Liberty Financial’s own plan to eventually launch a wallet.
World Liberty Financial hasn’t launched its wallet in the intervening four and a half months, and it’s listed as “coming soon” on the official website for World Liberty Financial.
The value of TRUMP had already plummeted before this public spat, reaching a market capitalization of only $2.2 billion when this fight started on June 3. This represents a fall of approximately 75% from its peak.
Read more: Who is behind World Liberty Financial, Trump’s new crypto?
Three days later, on June 6, the fight was over. Eric announced that “$TRUMP Memecoin has aligned with World Liberty Financial” and even announced that World Liberty Financial “plans to acquire a substantial position in $TRUMP for their Long-Term Treasury.”
The memecoin’s market capitalization had fallen to approximately $1.9 billion before this announcement was made.
Since then the market capitalization of the TRUMP memecoin has continued to plummet and it currently sits at $1.2 billion, an approximate 86% fall from its peak.
For comparison, bitcoin has seen its market capitalization appreciate by approximately 12% since TRUMP’s launch.
These crypto ventures have provoked outcry from lawmakers and watchdogs about their corrupting influence on the presidency.
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Source: https://protos.com/chart-president-trumps-memecoin-is-doing-poorly/
