The official Trump memecoin launched on January 18 has failed to live up to expectations dropping by 56.4% in the past 2 weeks.
The memecoin which pumped to as high as $70 a day after its launch has lost a huge fraction of its value exchanging hands for $17.44 at the time of report.
The Trump memecoin was well on its way to breaching the $100 price level before the wife of the president Melania Trump launched her memecoin
The Melania memecoin took steam off the official Trump memecoin which never recovered again from that development.
The Official Trump memecoin hit a market capitalization of over $8 billion a day after the memecoin launch making it the fastest crypto project ever.
Official Trump is a memecoin and has no real utility. The price level and performance of such coins is determined by the Buzz and the community around the project.
The Official Trump memecoin took a slight hit after the Inauguration speech. The President Donald Trump did not make any mention of crypto or his memecoin during the inaugural speech disappointing the crypto community.
The Memecoin went on a downward spiral from there losing its price value significantly.
The crypto community has moved on from the Trump memecoin leading to further drops by the memecoin.
Memecoin’s short life span
Memecoins are fast developing a bad reputation in the crypto industry due to their extreme volatility and susceptibility to activities by bad actors.
Memecoins as a category are criticized for a host of issues ranging from extreme volatility, Pump and Dump schemes, lack of Real-world use cases, and poor tokenomics.
Memecoin’s are also accused of having ridiculous short life spans usually riding on community hype and sentiments.
As soon as the hype dies down, the memecoin follows suit. The Donald Trump memecoin is a perfect example of all that is wrong with memecoins.
At the time of the report, Trump memecoin is down by 41.8% in the last 24 hours with a market capitalization of 41.6%.
