The meme coin TRUMP (TRUMP2024-USD) was launched on January 17, after which its price soared to $75.35, and its total market capitalization reached $14.5 billion within two days. However, this rapid rise was short-lived.
As of today, the token's market capitalization stands at $3.52 billion, with the market price fluctuating around $17.5, according to CoinMarketCap data.
The token's launch sparked skepticism regarding the ethics of a sitting president being directly associated with a cryptocurrency bearing his name. Such meme coins are often linked to so-called pump-and-dump schemes (fraudulent schemes where the asset's price is artificially inflated before mass selling, causing a crash).