President Trump’s memecoin, “Official Trump” (TRUMP), took a major hit after the White House announced new tariffs.
Tariffs Tank Markets
The White House’s new tariffs, a 10% baseline tariff on all imports starting April 5th and additional “reciprocal tariffs” on specific countries (up to 54% on China starting April 9th), sent shockwaves through the markets. The S&P 500 dropped almost 5%, and the Nasdaq fell by nearly 6%. The crypto market wasn’t spared either, losing about 6.5% of its total value.
TRUMP Coin Plummets
The TRUMP coin, launched in mid-January, fell over 13% in 24 hours, trading at $9.03 at the time of writing.
Controversy Surrounds the Coin
The coin has been controversial since its launch. Ethereum founder Vitalik Buterin criticized political coins as potential tools for bribery. Public Citizen, a consumer advocacy group, even wrote to the Department of Justice and the Office of Government Ethics, suggesting Trump’s involvement with the coin might violate federal gift laws.
Disclaimer: This information is for general knowledge only and is not financial advice. Investing in cryptocurrencies is risky. Do your own research before making any investment decisions.
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