Upon release, $TRUMP soared to a high of $75 per token. It has since fallen about 82% to $13. According to FT analysis, the 831 million tokens held in Trump-linked wallets have a notional value of $10.8 billion.
When Melania’s token was launched, it sent the price of Trump’s memecoin plunging. As a result, the organizers spent $1 million propping up the token by buying it at $33.23 each.
“It’s something that is pretty [common] in crypto as a whole: using their own treasury to defend the charts,” says Nicolas Vaiman, chief executive officer of Bubblemaps, a cryptocurrency analytics company.