"The Solana-based token launched ahead of Trump's second inauguration in January last year, and almost immediately surged to a high of over $75 - a spectacular jump in paper wealth that boosted Trump up the echelons of the world's wealthiest people. Unfortunately for both the president himself and his acolytes who bought into the coin, though, it's been on a downward trajectory that mirrors their dear leader's approval ratings ever since."
"An early group of investors who bought the token at dirt cheap prices immediately after it was officially announced cashed out just days later, pocketing nearly $700 million. One who made an account just hours before Trump launched the coin walked away with $109 million. The sudden sell-offs by the early big money investors led to the coin's price collapsing, reeking of a common crypto scam called a "rug pull.""
"That a sitting president has a meme coin in his name at all is a clear conflict of interest that should be a major scandal in its own right. Adding to the sleaziness of the venture is that it very likely was used to sucker many of Trump's followers out of their money."
Donald Trump's Solana-based meme coin $TRUMP launched in January ahead of his second inauguration and initially surged to over $75, temporarily elevating Trump's wealth ranking. However, the token has experienced a catastrophic decline, falling to $2.73 by press time—a 96 percent drop from its all-time high. This collapse mirrors broader cryptocurrency downturns, though Bitcoin shows recovery signs while $TRUMP continues declining. Early investors who purchased at minimal prices immediately sold off days later, pocketing nearly $700 million, with one account holder earning $109 million. This pattern resembles a classic "rug pull" crypto scam where promoters hype a coin, attract buyers, then suddenly liquidate their stakes, leaving followers with significant losses.
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