The official Trump (Trump) token is now the worst-performing cryptocurrency in the top 100 as an increasingly bitter public feud between President Donald Trump and tech billionaire Elon Musk flows into the crypto market.
Trump’s market capitalization has plummeted from $2,168 million to $1,935 billion in the last 24 hours, erasing its $233 million worth, according to data obtained by Finbold Research from CoinmarketCap.
At the time of writing, Trump has dropped by 10.74% at $9.66, trading at 15.58% over the past week.
The sale comes amid a dramatic surge in trading activities. The 24-hour volume increased by $876.85 million, up 211.87% as traders rushed to locate around fallout from increasingly personal spats of Trump and Musk.
Politics and codes collide
The rift between Trump and Musk, once an unlikely ally, went viral after Musk publicly criticized one of Trump’s flagship tax and spending bills. In response, Trump posted to Musk that he was “disappointed”, suggesting that this could mark the end of their “great relationship.”
Musk then fought back, accusing Trump of being an “invasion” and pointed out that “I would have lost the election if I weren’t for him.”
Dogecoin was also caught up in Crossfire
Interestingly, Dogecoin (Doge), a coin defended by Musk, has also been featured among the top five code losers in the last 24 hours. Doge has declined 7.1% over the same period, with trading volumes surged to around $2 billion and an increase of 149.75%.
The rapid decline in Trump and Doge prices highlights how closely some cryptocurrencies are tied to online sentiment, and how vulnerable they are to sudden changes in public narratives.
Furthermore, the surge in trading volume suggests that both retailers and large market participants responded quickly to headlines.
Trump and Doge represent tokens with strong cultural and story-driven investors bases. This means that when the story changes, sharp movements are more likely to occur.
What’s next?
It remains unclear whether this feud will cool down or promote volatility as Trump and Musk continue to trade barbs across the platforms they control.
For now, the official Trump tokens have remained extremely responsive to political dramas, but Dogecoin traders seem to be closely watching further Musk’s comments that could sway the short-term price direction.
One thing is that crypto markets are increasingly intertwined with real-world political events, and traders are moving faster than ever to capitalize on these stories.
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