FIZZLING OUT

Trump Dealt Massive Blow as His Memecoin Tanks

President Donald Trump and his wife Melania jumped on the bandwagon in mid January but interest in memecoin is slumping.

Memecoin’s moment may have passed, just after U.S. President Donald Trump cashed in on the frenzy around it. The MAGA chief’s decision in January to launch a memecoin—a digital token which isn’t linked to any kind of underlying business or asset—caused a flurry of interest, but activity has now plummeted to an all time low. While both Trump’s coin (TRUMP) and Melania Meme (MELANIA) are also experiencing a nadir in valuation, Pump.fun— the site that allows users to create and trade memecoins on a Solana blockchain—has also seen interest slump. CNN reports that daily token launches and trading volumes have slid by more than 50 percent. Pump made it easy for traders to create and trade memecoins. This, coupled with the boom in interest after Trump released his coin, saw interest soar. With interest waning, prices are tanking and retailers are ceasing to trade. In addition, Pump faces lawsuits after investors lost millions due to alleged scams on the site. Also, law firm Burwick stated that the site “has collected hundreds of millions of dollars in fees while illicit drug use, self-harm, racism, antisemitism, lewd acts, bestiality, violent and other antisocial acts were displayed on the platform.”