President Trump's Solana Meme Coin Falls 85% From Peak as Inflation Fears Weigh on Crypto Markets
Even President Donald Trump's official meme coin has not been immune to the crypto market's sharp decline, with the TRUMP token down more than 85% from its all-time high.
Data from CoinGecko shows that President Trump's TRUMP meme coin is currently trading at $10.50, down sharply from its record high of $73.43 in January. The decline coincides with a decline in traditional financial assets as well as leading cryptocurrencies like Bitcoin and Ethereum, with both falling more than 8% in the past week. TRUMP is down about 4% on the day and 19% in the past week.
The sell-off came as President Trump refused to rule out a recession in a weekend interview, adding to economic uncertainty and volatility. Rising inflation also weighed on financial markets earlier in the week.
TRUMP’s decline comes amid a broader downturn for meme coins on the Solana network, a blockchain primarily used for meme coin transactions. One of the key factors behind the initial growth of meme coins on Solana was the launch of the Pump.fun token launchpad, which has deployed more than 8 million tokens since early 2024.
However, many core protocols on Solana have struggled since the scandal surrounding Argentine President Javier Milei’s meme coin LIBRA in February. Other major meme coins on Solana have also seen major declines over the past month.
Fartcoin, for example, fell to $0.226, down about 91% from its all-time high after the TRUMP coin launched on January 19. Other meme coins like Solana Bonk (BONK) and Dogwifhat (WIF) are also down 83% and 91% from their peaks, respectively.
Solana — the second-largest smart contract platform after Ethereum — has not escaped the decline, with the price of SOL falling to its lowest in more than a year, $118 on Monday. The decline coincides with meme coin traders tiring of the Pump.Fun platform, which exploded with a slew of meme coin launches last year. While the platform hit a record high of $15.5 million in fees in January, activity has been on the decline since last month when Argentine President Javier Milei announced the LIBRA meme coin.
Meanwhile, top meme coins on other blockchains like Dogecoin (DOGE) and Shiba Inu (SHIB) have also been hit hard, falling 38% and 26% respectively over the past 30 days.
Despite the massive decline in the meme coin market, the Pump.Fun platform still maintains over 150,000 daily active addresses and continues to launch new tokens. However, Solana is facing a sharp correction as SOL hit its lowest level in over a year earlier this week.