Top cryptocurrencies are seeing major losses amid market uncertainty stemming from President Trump’s trade war and general distrust in the crypto industry.
With this, one of the biggest losers of the day is the Official Trump (TRUMP) meme coin down 10.8%, bringing it's 7-day loss to 32%. On Wednesday, Trump vowed to apply a 25% tariff on the European Union, claiming it was formed to “screw the United States.” On top of this, the Republican confirmed that he plans to target Canada, Mexico, and China next week—setting off more turmoil in the markets.
Other major losers include AI blockchain Bittensor (TAO) which has plummeted 9.7% on the day, EVM layer-1 network Sonic (S) down 9.6%, and Ethereum decentralized exchange Uniswap (UNI) 11%.
Surprisingly, a number of major meme coins are also seeing double digit losses despite the U.S. Securities and Exchange Commission confirming that the asset class is not considered a security.
Pepe (PEPE) has dropped 8.9% over the past 24 hours with the iconic Dogecoin (DOGE) closely following with a 9.1% slump, while the tokens Dogecoin inspired, Floki (FLOKI) and Shiba Inu (SHIB), fell 7.4% and 8.3%, respectively.
Generally, though, distrust is rife in the meme coin and crypto industry following the controversial LIBRA token launch, which was promoted by President of Argentina Javier Milei. After it crashed 96%, allegations of insider trading involving respected protocols, influencers, and unknown puppeteers swarmed the industry—even tracing back to Melania Trump’s token launch.
As such, the meme coin sector, as categorized by CoinGecko, is down 24.5% over the past seven days. The political meme coins being hit even harder down 32.2%. Equally, Bitcoin (BTC) has tanked 17.7% on the week, Ethereum (ETH) 23.4%, and Solana (SOL) 22.1%.
Other major tokens hit include Charles Hoskinson-led Cardano (ADAADA) taking an 8.9% beating, digital identification platform Worldcoin (WLD) bleeding 10.1%, and layer-1 blockchain Sui (SUI) bruising 7.1%.
With these pressures pushing the market down, there is currently only one token in the green by more than 1% over the past 24 hours out of the top 100 cryptocurrencies by market cap. You know it's a bad day when stablecoins are amongst the best performing assets.
Edited by Stacy Elliott.
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