DJT’s price has dropped by 90.8%, reflecting the volatile nature of meme coins in the cryptocurrency landscape.
Trumpcoin (DJT), a controversial token, saw a massive price drop, dropping 90.8% in just 3 hours.
At the time of writing, the token, which is not officially associated with Donald Trump, was worth $0.0004581, according to CoinGecko data. At one point, the coin’s value dropped to $0.0001203, a massive 95% drop.
Despite this sharp decline, trading volume rose to $1.79 million. This unusually high level of trading activity indicates increased investor interest, perhaps due to attempts to profit from falling prices or liquidate positions.
The broader cryptocurrency market has also seen volatility. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have seen significant price declines, contributing to a broader sell-off in the market.
This broad market decline was exacerbated by global economic factors, including disappointing earnings in the technology sector and weak employment data, which also weighed on traditional stock markets.
Multiple reports about the token’s origins and affiliations have added to the confusion surrounding DJT. Controversial figure Martin Shkreli has claimed involvement in the creation of TrumpCoin, sparking rumors of official ties to Donald Trump, which Trump’s inner circle has publicly denied. These claims have sent the market into a tailspin, leading to speculative trading and confusion among investors.
This ambiguity has led to price volatility and led to large bets on platforms like Polymarket, raising questions about the token’s origin and authenticity.
Interestingly, many other Trump-themed coins appear to be doing well, with MAGA (TRUMP) up around 20% in the last 24 hours.
Elsewhere, a coin named Kamala Horace (KAMA), Donald Trump’s Democratic rival in the upcoming US presidential election, also had a turbulent 24 hours, with its price falling by 12.4%.
The cryptocurrency has had a worse seven-day run, losing 43% of its value, even as Harris attempts to reset relations with the crypto industry.