Memecoin Associated With US President Donald Trump Lost Three Quarters of Its Value in Two Weeks of Trading - UNN

The coin, known by the ticker $TRUMP, was launched on January 17, its price reached $75.35, and the total market value reached $14.5 billion two days later.

A memecoin linked to former US President Donald Trump has lost three-quarters of its value in two weeks of trading, Yahoo Finance reports , UNN writes .

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The coin, which trades under the ticker $TRUMP, was launched on January 17. Its price hit $75.35, and the total market capitalization reached $14.5 billion two days later.

By February 4, it was trading with a market cap of $3.6 billion, and the market price was around $17.90, according to data provider CoinMarketCap.

The coins have raised ethical concerns due to the fact that a sitting president is so closely linked to a cryptocurrency which bears his own name. Memcoins of a similar nature have been linked to so-called pump-and-dump schemes.

Fight Fight Fight and CIC Digital have stated that $TRUMP and $MELANIA are not investments or securities, but are “expressions of support.

Earlier this week, the organizations behind $TRUMP have raked in around $100 million in trading fees since launch, according to estimates from blockchain analysis firms including Merkle Science and Chainalysis, Reuters reported .

At least 50 of the largest investors in the coin have made profits in excess of $10 million each, the report said, citing Chainalysis.

The price drop comes amid volatility among cryptocurrencies. In recent days, bitcoin has fallen against the US dollar, pressured by duty-related sales elsewhere in the market.

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