The value of President Donald Trump’s controversial memocoin was cratered following the rollout of new tariffs at the White House.
Official Trump (Trump) is trading at $9.03 at the time of writing, down more than 13% over the past 24 hours.
Trump signed the executive order on Wednesday, slapping 10% baseline fees for all imports entering the US on April 5th, specifying his goal of protecting domestic production.
He also issued a declaration detailing “mutual tariffs” in dozens of specific countries on April 9th, with the rate increasing to up to 54% in China.
Tariffs rattle global markets, with the S&P 500 plunging 4.84% on Thursday, while NASDAQ composites fell 5.97%.
Trump’s announcement also hit the crypto sector, with the overall market capitalization of digital assets being hit by a 6.5% hit.
The president launched the official Trump Memocoin in mid-January, days before he took office. The assets have sparked controversy both inside and outside the crypto world.
Vitalik Buterin, founder of Ethereum (Eth), said earlier this year the political coin represents “an unlimited means of political bribery.”
In a February letter to the U.S. Department of Justice (DOJ) and the Office of Government Ethics, officials from a nonprofit consumer advocacy group alleged that public citizens were violating federal laws regulating gifts to government officials.
Generated Image: Midjourney
