The Official Trump meme coin reached an unprecedented peak of $75.35 on January 19, 2025, shortly after its launch on January 17, coinciding with the lead-up to Donald Trump’s anticipated second term as U.S. president. However, the coin’s value has since plummeted dramatically.
As of February 1, 2025, the TRUMP coin is trading at an approximate value of $19.38, marking a staggering 74% decrease from its all-time high.
The market capitalization of the coin remains significant, boasting a fully diluted valuation of around $2 billion, with 80% of the tokens currently held by affiliates of the Trump Organization.
Anthony Scaramucci, a prominent financier and former Trump ally, is vocalizing concerns regarding the coin, accusing the former president of orchestrating a pump-and-dump scheme. Scaramucci highlighted Trump’s recent promotion of the TRUMP coin, noting the subsequent decline in its value, which has now dropped 70% from its peak.
Concerns from Wall Street
Trump, through his Trump Media & Technology Group, actively promotes various items on his platform, including non-fungible tokens (NFTs). In September, he also endorsed a decentralized finance platform, World Liberty Financial, indicating a non-ownership agreement for promotional compensation.
The emergence of the Official Trump meme coin adds to a series of financial ventures linked to the brand, including MAGA-branded products. Scaramucci has questioned the implications of a president promoting his own meme coin, seeking clarity from his vast following on the matter.
Scrutiny of Trump’s cryptocurrency pursuits is intensifying, with the Financial Times reporting on concerns raised by hedge fund Elliott Management about the potential instability incited by Trump’s digital currency enthusiasm.
Interestingly, Paul Singer, founder of Elliott, while critical of cryptocurrency, has supported conservative candidates significantly, showcasing the complex dynamics between Trump and Wall Street. Since Trump’s election, Bitcoin’s value has surged past $100,000, bolstered by his promises for a flourishing crypto future in America.
Elliott’s memo questions the rationale behind promoting alternative currencies like cryptocurrency, especially as other nations move away from reliance on the dollar.
