Donald Trump’s recently launched memecoin, Official Trump (TRUMP), has taken a sharp dive following his dismissive remarks during a Jan. 21 press conference. When asked about the token, the former president admitted, “I don’t know much about it other than I launched it and it was very successful.”
Trump’s comments came while announcing a $500 billion artificial intelligence initiative alongside tech leaders like OpenAI’s Sam Altman and Oracle’s Larry Ellison. When informed about TRUMP’s market performance, Trump quipped, “Several billion … that’s peanuts for these guys,” pointing to the executives on stage.
Market Performance and Community Reaction
TRUMP has fallen from a 24-hour high of over $48 to around $42, marking a significant drop of over 43% from its Jan. 19 peak of $73.43, according to CoinGecko. The token initially surged after its surprise launch on Jan. 18, reaching a fully diluted valuation of more than $70 billion and briefly overtaking other major memecoins.
“Trump just nuked his own memecoin,” tweeted Bloomberg ETF analyst James Seyffart in reaction to the president’s remarks. Similarly, The Kobeissi Letter observed that Trump appears to have no direct involvement with TRUMP’s development, explaining his silence since the token’s debut.
First Lady’s Memecoin Adds to the Chaos
Compounding the drama, First Lady Melania Trump launched her own memecoin, Melania Meme (MELANIA), on Jan. 20. MELANIA briefly peaked at $13 but has since plummeted 68% to just over $4. The simultaneous launch of competing tokens has fueled skepticism within the crypto community about the seriousness of these ventures.
According to TRUMP’s official website, the token has a circulating supply of 200 million, which will expand to 1 billion coins over three years. Blockchain analytics firm Arkham Intelligence revealed that Trump’s crypto wallet is heavily weighted toward memecoins, including a $3.1 million stake in a lesser-known token called TROG.
While some crypto enthusiasts initially rallied behind TRUMP, many predicted the sell-off following its rapid rise. With Trump himself showing little engagement and rival memecoins vying for attention, the future of TRUMP remains uncertain as the market reacts to these developments.
