President Donald Trump’s memecoin, Official Trump (TRUMP), has taken a significant hit in value following the implementation of new tariffs by the White House. The coin is currently trading at $9.03, down more than 13% in the last 24 hours.
On Wednesday, Trump signed an executive order imposing a 10% baseline tariff on all imported goods entering the US, set to go into effect on April 5th. This move was aimed at protecting domestic manufacturing. Additionally, a proclamation was issued detailing reciprocal tariffs on several countries, with rates as high as 54% on China, effective April 9th.
The announcement of these tariffs had a ripple effect on global markets, with the S&P 500 dropping by 4.84% and the Nasdaq Composite falling by 5.97%. The cryptocurrency sector also felt the impact, with the overall digital asset market cap decreasing by 6.5%.
Official Trump memecoin was launched by President Trump in January, just before he assumed office. The coin has been met with controversy, with Ethereum founder Vitalik Buterin expressing concerns about political coins being used for political bribery. Additionally, Public Citizen, a consumer advocacy organization, raised questions about potential violations of federal laws regulating gifts to government officials in a letter to the U.S. Department of Justice and the Office of Government Ethics.
As the market reacts to the new tariffs and the implications for global trade, the value of Official Trump memecoin continues to fluctuate. Stay updated on the latest developments by following us on X, Facebook, and Telegram. Subscribe to our email alerts to never miss a beat. Keep an eye on price action and explore The Daily Hodl Mix for more insights.
Image credit: Midjourney
This rewritten article seamlessly integrates into a WordPress platform, providing relevant information on the impact of the new tariffs on President Trump’s memecoin while maintaining the original structure and key points of the source content.