President Donald Trump's Solana meme coin TRUMP hit a new post-inauguration low Saturday, less than a day after Trump posted about the coin on social media—a move that a former prominent ally of his described as an obvious attempt to "pump" the flailing token.
TRUMP fell as low as $19.09 on Saturday, per data from CoinGecko, which is the lowest price seen since he returned to the White House on January 20. The coin dipped as Bitcoin, Dogecoin, and other heavyweights also fell on Saturday as Trump announced that trade tariffs against Canada and Mexico would soon take effect.
But the fall also came after Trump posted about the coin via his own social media platform—a move that has drawn prominent criticism. Trump posted the message "I LOVE $TRUMP!!" on Truth Social late Friday, along with a link to the website for the officially licensed coin.
SkyBridge Capital founder Anthony Scaramucci, who briefly served as Trump's Director of Communications during the president's first term, took aim on X (formerly Twitter) late Saturday in what he saw as a clear attempt to try and juice a falling meme coin.
"President Trump posted on Truth Social last night in an attempt to 'pump' his meme coin (yes that’s a real sentence that many have normalized)," Scaracmucci wrote Saturday morning. "The result has been an acceleration of the 'dump,' now down 70% from its peak. The jig is up."
TRUMP only fell harder after that point, though it has since rebounded a little bit: The Solana token is priced just above $21 as of this writing, down almost 6% on the day and 27% over the last week.
The token is indeed down more than 70% from its peak price above $73, set on January 19 before Trump's wife, Melania, launched her own coin in a market-tanking move for TRUMP.
As Decrypt reported last week, daily trading volume for TRUMP has plummeted by 90% since his inauguration, while on-chain holders and other metrics have similarly declined.
Most major cryptocurrencies are in the red as of this writing following the aforementioned impact of fears over trade tariffs with America's neighbors. Bitcoin is down about 3% on the day at $99,200, while Dogecoin has fallen by 9% in the past 24 hours to $0.294, XRP is down nearly 6% to $2.80, and Solana has dropped almost 7% to $211.
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