TRUMP Meme Coin Plunges 40.88% in 24 Hours, Market Suffers

The TRUMP meme coin has plunged 40.88% in the last 24 hours, wiping out much of its earlier gains. Once a popular choice among investors, the token's steep decline followed Donald Trump's presidential inauguration, which initially raised hopes of a market boost.

The TRUMP meme coin, launched with much fanfare by former US President Donald Trump, has seen a steep decline in its value, plunging by 40.88% over the last 24 hours. This sell-off has wiped out a significant portion of the gains made by the token since its launch.

Once touted as a promising investment by Trump himself, hopes were high that the token would receive a boost following his presidential inauguration. However, the steep decline in its value has left many investors disappointed.

According to data from Lookonchain, two major transactions were recorded during this sell-off. One transaction involved a sale by a whale known as Ansem, who offloaded 194,799 TRUMP tokens, valued at $6.83 million, incurring a loss of $2.55 million from the sale.

A wallet named Ansem(@blknoiz06) sold 194,799 $TRUMP($6.83M) 2 hours ago, losing $2.55M!#Ansem spent 9.38M $USDC to buy 194,799 $TRUMP at $48.14, then sold it at $35.04 for 6.83M $USDC.https://t.co/5oPZOanVCR pic.twitter.com/k0neD0wxcU

Another transaction saw 1.62 million TRUMP tokens, being transferred to an unknown wallet from a whale, sparking fears of further sell-offs.

The sell-off extended to the broader meme coin market, with Solana-based tokens like MELANIA, BONK, and WIF suffering substantial losses. Notably, MELANIA tokens saw a loss of 62.7%, while BONK and WIF tokens dropped by 1.7% and 5.4%, respectively.

These sell-offs come amid allegations of a pump-and-dump scheme involving Mark Cuban, where his Web3 platform, Rug Cuban, is accused of rug-pulling $158 million from a token launch. Cuban has since denied these claims.

Despite the downturn, some analysts still see potential buying opportunities. Platforms like Coingecko have flagged BONK and WIF as promising investments, with similar sentiment emerging for TRUMP. However, the future of these tokens depends heavily on investor confidence and possible executive orders from President Trump, hinting at crypto-friendly reforms. In the meanwhile, Coinbase listing of TRUMP also created a buying opportunity for Trump’s coin.

However, crypto enthusiast Balaji Srinivasan has cautioned against the risks of investing in tokens like TRUMP. He explained that every buy order for such coins is met with a sell order, leading to price drops. While acknowledging the community-driven success of some meme coins, Srinavsan stressed that the best tokens are those with real-world value.

I was like…ok…I wouldn’t have done this memecoin…but how could they make the best of this, and mitigate the crash?And then they launch a second memecoin, crashing the value themselves. 🤪See original thread below. https://t.co/R6Q9zW2rnd

Joining the fray, Mark Cuban, a Big Crypto Investor has also critized TRUMP memecoin calling it a self-serving project with no real world use.Mint it, Print it, Sell itFuck it. That is the mantra for the world you are suggesting. This is the biggest bunch of self serving Bullshit I have ever heard. In your world there is no ownership. Just speculation. Hello every scam targeted at everyone and anyone who has… https://t.co/OgA1kE9aAX

While John Deaton said he is afraid of Trump’s memecoin love and took a jab at Trump for creating a hype trading scenario with no clear regulations.While there is a short term rally with Trump’s memecoin launch, the market is looking forward to clear crypto regulations at the earliest. There are many crypto assets which are just waiting for SEC clearance to recover from losses they faced in unfair SEC trials. It will be interesting to see if Trump fullfills all his crypto promises in his first 100 days or not.