President Donald Trump's own official meme coin is today's biggest loser in a spiraling crypto market that's apparently reeling ahead of trade tariffs that are expected to take effect Tuesday.
TRUMP, the Solana meme coin that Trump launched just days before his January inauguration, has fallen by 25% in the last 24 hours to a current price of $12.60. No other coin in the top 100 cryptocurrencies by market cap has dropped harder during that span.
The token spiked from $13.46 to $17.46 on Sunday when Trump posted about plans for a U.S. crypto reserve, which he said will hold assets such as Bitcoin, Ethereum, XRP, Solana, and Cardano. All of those assets surged in price immediately thereafter, leading other coins to pump alongside.
But nearly everything is down Monday, with the overall market plunging by 11% in the last 24 hours per data from CoinGecko.
Not only has the hype around Trump's crypto reserve plan faded since Sunday morning, but ongoing inflation fears and looming trade tariffs against Canada and Mexico have helped spook investors. Those tariffs are expected to take effect on Tuesday following a one-month pause that briefly eased the markets in February—but there's no sign that another pause is coming.
Trump said Monday that there's "no room left for Canada or for Mexico" to negotiate the tariffs, with 25% hits coming to imports from both countries on Tuesday. And China will see an increase from 10% to 20% tariffs Tuesday, as well.
The Dow, Nasdaq, and S&P 500 all closed down Monday as markets braced for the potential impact of the incoming tariffs. Leading AI stock Nvidia ended the day down nearly 9%, while Coinbase finished down nearly 5%.
Gold, on the other hand, rose almost 2% to a price of $2,904.
Bitcoin, which many crypto advocates consider to be "digital gold," is down nearly 10% on the day to a current price of $85,337. Nearly all of Sunday's gains have been erased from Bitcoin's chart.
Solana and XRP, meanwhile, are both down 20% in the last 24 hours, while Ethereum has fallen 17%. And Dogecoin is down by 17%, with other leading meme coins like Pepe and Bonk down around 19%.
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