$TRUMP Meme Coin Value Plummeted 98% as Over 740K Investors Lose Money: Report

The $TRUMP meme coin that’s added another $635 million to the bank account of President Donald Trump has plummeted 98% in value, CNN reported Thursday.

On top of that, Inside Politics host Dana Bash noted over 740,000 people who invested in the coin have since lost money.

“So this is the $TRUMP meme coin, just to be specific, and crypto analytics firm estimates that 58 investors into the $TRUMP coin made profits above 10 million,” Bash said while joined by several journalists, including Kristen Holmes and Zolan Kanno-Youngs. “At the same time, 764,000 wallets lost money, per The New York Times.”

“It went down 98%, [which] is what we looked at yesterday, and of course, at the same time, you have President Trump saying that he did so well because the markets were up. But one of the things that he made this vast fortune on in the market has obviously completely tanked in that case,” Holmes said.

“Earlier this year, in January, we asked the president, ‘Look, you at least said in the first term that you were going to restrain from having your family conduct business abroad. That’s not the case this time around. Why?” Kanno-Youngs added. “And he essentially said, ‘I didn’t get credit the first time around. Nobody cared. And I’m allowed to.’ To your point, he is aware of the lack of pushback when it comes to these actions.”

“So he keeps pushing, and that’s, by the way, emblematic of — so you made the point earlier, there’s no civil and criminal law,” Kanno-Youngs said to Bash. “The president is exempt from the civil and criminal laws when it comes to conflict of interest. But there’s still norms.”

Bash answered, “And there’s something else … just going back to the $TRUMP coin. Yes, you said it has lost 98% of the value, but every single time there is a profit, the $TRUMP coin gets a profit from it, even if the value is going down.”

She then referenced two Trump supporters who have invested in the coin and spoke to Reuters.

“If Trump was putting his name behind it, it must be a legitimate investment,” one woman told the news organization.

“This is a woman who spoke to Reuters,” Bash said. “She put $2,000 of her savings into the $TRUMP meme at the end of May. Her $TRUMP holding was worth less than $120, she now thinks it was just a pump-and-dump scheme. The second investor, Matt, a 45-year-old machinist in Indiana, put $40,000 into $TRUMP family tokens … Matt’s shares have dropped 79% in value since he bought them for a loss of about $32,700. He does not blame the Trump family.”

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