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Official Trump Meme Coin Plummets 74% from All-Time High
The Official Trump meme coin experienced a significant decline in value, plummeting 74% from its all-time high of $75.35 on January 19, 2025, to approximately $19.38 as of February 1. The coin’s market capitalization remains substantial, with a fully diluted valuation of around $2 billion, with 80% of the tokens held by Trump Organization affiliates.
Scaramucci Calls Out Trump for Alleged Pump-and-Dump Scheme
Anthony Scaramucci, founder of SkyBridge Capital and a former Trump ally, has criticized the president for allegedly engaging in a pump-and-dump scheme. Scaramucci posted on X, “President Trump posted on Truth Social last night in an attempt to ‘pump’ his $TRUMP memecoin… The result has been an acceleration of the ‘dump,’ now down 70% from its peak. The jig is up.”
“President Trump posted on Truth Social last night in an attempt to ‘pump’ his $TRUMP memecoin… The result has been an acceleration of the ‘dump,’ now down 70% from its peak. The jig is up.”
Trump’s Cryptocurrency Endeavors Raise Concerns
Trump’s involvement in the cryptocurrency space has raised concerns among some Wall Street professionals. His frequent promotion of items on his personal Truth Social account, including non-fungible tokens (NFTs), has led some to question the legitimacy of his cryptocurrency endeavors. In September, Trump helped promote World Liberty Financial, a decentralized finance platform for investors to borrow and lend using cryptocurrencies.
Scaramucci, who started his career at Goldman Sachs, posed a question to his followers on X, “Could someone please explain to me on Crypto X How the President pumping his own meme coin is a good thing?”
Speculative Frenzy and Potential Risks
A memo from New York-based hedge fund Elliott Management suggests that Trump’s warm embrace of digital coins is fueling a speculative frenzy that could “wreak havoc.” The memo questions why the U.S. would encourage alternatives to the dollar at a time when other countries are scrambling to ditch it.
Despite being a longtime crypto critic, Elliott’s founder, Paul Singer, donated $56 million to conservative candidates in 2024, including $5 million to the “Make America Great Again” PAC. Since Trump’s election, Bitcoin has shot past $100,000, fueled by his vow to make America “the Bitcoin superpower of the world.”
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