Donald J. Trump’s “official” meme coin, TRUMP, performed extremely poorly despite support from his children.
It was founded on January 18 of this year, two days before President Trump’s inauguration, and had a market capitalization of $5.8 billion, according to CoinGecko data.
This was instantly valuable to the Trump family, with the official website stating that 80% of the total supply was reserved for “creators and CIC Digital” and would be worth $4.6 billion on the first day of trading.
CIC Digital is a company with ties to the Trump family.
Read more: Analysis: Mapping Donald Trump’s growing crypto empire
Eric Trump endorsed the coin on the day of its launch, saying, “$Trump is the hottest digital meme on the planet right now.”
Donald Trump Jr. backed this up the next day by saying literally the exact same thing.
On January 22nd, the market capitalization will quickly reach approximately $8.8 billion, and 80% of “Creator and CIC Digital” shares will be valued at $7 billion.
This reassurance didn’t last until the TRUMP team announced that it was planning to launch its own cryptocurrency wallet.
Read more: Analysis: Eric and Donald Trump Jr. are making money from cryptocurrencies
For this reason, Junior and Eric claimed they knew nothing about the project and that they used it as an opportunity to promote World Liberty Financial’s own plans to eventually launch a wallet.
World Liberty Financial hasn’t released a wallet in the past four and a half months, but World Liberty Financial’s official website lists it as “coming soon.”
TRUMP’s value had already plummeted before this public fight, with a market capitalization of just $2.2 billion on June 3, when the fight began. This represents a drop of approximately 75% from its peak.
Read more: Who is behind President Trump’s new cryptocurrency, World Liberty Financial?
Three days later, on June 6, the battle ended. Eric announced that “$TRUMP Memecoin has partnered with World Liberty Financial,” and even announced that World Liberty Financial “plans to acquire a significant position in $TRUMP for long-term financials.”
Before this announcement, memecoin’s market cap had fallen to around $1.9 billion.
Since then, the market capitalization of the TRUMP meme coin has continued to plummet, currently sitting at $1.2 billion, down about 86% from its peak.
For comparison, Bitcoin has increased in market capitalization by approximately 12% since the launch of TRUMP.
These crypto ventures have sparked protests from lawmakers and watchdog groups about their corrupt influence over the presidency.
