TrumpCoin crashes 90% amid market chaos

DJT plummets 90.8%, reflecting the volatile nature of meme coins in the crypto landscape.

TrumpCoin (DJT), a controversial meme token, has experienced a significant price decline, dropping 90.8% in only 3 hours.

At the time of writing, the token, which is not officially affiliated with Donald Trump, had a value of $0.0004581 per data from CoinGecko. At one point, the coin had gone as low as $0.0001203, marking a dramatic 95% drop.

Despite this sharp decline, the trading volume surged, reaching $1.79 million. This unusual increase in trading activity suggests heightened investor interest, possibly driven by attempts to either capitalize on the price drop or liquidate positions.

The broader cryptocurrency market has also been experiencing volatility. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen significant price reductions, contributing to a broader sell-off in the market. 

This market-wide downturn has been exacerbated by global economic factors, including disappointing tech earnings and weak employment data, which also impacted traditional equity markets.

Multiple reports about the token’s origins and affiliations have added to the confusion surrounding DJT. Controversial figure Martin Shkreli claimed involvement in creating TrumpCoin, sparking rumors of official connections to Donald Trump, which close Trump associates have publicly denied. These claims have muddled the market, leading to speculative trading and confusion among investors.

This uncertainty has fueled price volatility and led to significant bets on platforms like Polymarket, questioning the token’s origin and authenticity.

Interestingly, several other Trump-themed meme coins seem to be doing well, with MAGA (TRUMP) up nearly 20% in the last 24 hours.

Elsewhere, a meme coin playing on the name of Donald Trump’s Democratic opponent in the upcoming U.S. presidential elections, Kamala Horris (KAMA), also experienced a torrid 24 hours, with its price decreasing by 12.4%. 

It performed even worse over a seven-day period, dropping a massive 43% of its value, even as Harris tries to reset relations with the crypto industry.