Donald Trump’s recently launched memecoin, named The Official Trump (TRUMP), has seen its value fall again.
This came after the president admitted he did not know much about it during a press event on January 21. The event was meant to focus on a $500 billion investment in artificial intelligence (AI), but reporters asked about the new token.
Trump stated, “I don’t know where it is. I don’t know much about it other than I launched it and it was very successful”. When asked about its current status, he replied, “I haven’t checked it. Where is it today?”
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After being told the token was worth billions, he commented, “Several billion, that’s peanuts for these guys”, pointing to OpenAI’s Sam Altman, SoftBank’s Masayoshi Son, and Oracle’s Larry Ellison, who were present at the event.
TRUMP fell from over $48 to around $42 within 24 hours. Analysts have connected the price drop to Trump’s dismissive remarks, which seem to have shaken confidence in the coin.
The Kobeissi Letter, a financial publication, noted in a January 22 post on X that Trump does not appear to have been actively involved in the token’s launch or its management.
It seems as though Donald Trump is not actively involved with the launch of TRUMP. This also explains the absence of comments since it launched.
Meanwhile, on January 19, TRUMP fell by 38%, losing $5 billion in market value. What happened? Read the full story.
