Trump Meme Coin Plummets to Record Low of $1.12 After Election Defeat

The price of the Trump meme coin has plummeted to an all-time low following a crushing defeat for the ruling Republican Party in the U.S. midterm elections, which has been described as a blue tsunami.

The Wall Street Journal reported on the 5th (local time) that the price of the official Trump meme coin, $TRUMP, plunged 16% over the previous 24 hours, dropping to a record low of $1.12.

$TRUMP is a cryptocurrency that was launched before President Trump began his second term in January of last year.

Meme coins are cryptocurrencies issued based on internet memes, entertainment, or trending topics such as political issues. Because they lack real-world utility, their prices fluctuate wildly depending on public sentiment.

CoinGecko, a cryptocurrency data aggregator, analyzed that the price of the Trump meme coin plummeted as tech stocks and cryptocurrency prices dropped significantly amid the Democratic Party taking control of Congress following its midterm election victory.

$TRUMP once surpassed $70 in popularity among supporters of President Trump and others, but as the investment fever cooled, its price crashed, drawing criticism for inflicting heavy losses on individual retail investors.

While the crash of the Trump meme coin has inflicted losses on the vast majority of individual investors, including supporters, critics point out that President Trump himself made a fortune from the cryptocurrency business.

According to President Trump's annual financial disclosure report, he raked in $636 million—approximately 863 billion won in Korean currency—last year through $TRUMP alone.

President Trump also sparked controversy over conflicts of interest last year by attending an event for $TRUMP holders.
※ Please note: This article was translated by AI and may contain errors.