Trump’s Memecoin Extends Losses Despite Merchandise Boost: Retail Remains Divided

The Official Trump (TRUMP.X) token – created by CIC Digital LLC, a subsidiary of the Trump Organization – fell more than 6% in the past 24 hours despite efforts to boost its adoption. 

Several websites selling Trump-branded products have started to accept the Trump memecoin for payment, in an effort to win over more of the president’s supporters, according to a report by Bloomberg.

GetTrumpWatches.com, GetTrumpFragrances.com and GetTrumpSneakers.com are now letting customers make payments using $TRUMP, along with credit cards and Bitcoin (BTC).

The move shows the expanding crypto footprint of President Donald Trump despite strong criticism from watchdogs and experts.

Meme coins like Trump Coin are often launched to capitalize on internet trends but lack intrinsic value, making them highly volatile. 

Industry watchers have scrutinized Trump’s involvement in crypto, questioning whether his support for reduced regulation aligns with his financial interests.

Ethereum co-founder Vitalik Buterin recently warned that politically linked tokens could become “vehicles for unlimited political bribery.” 

On Stocktwits, retail sentiment around Trump’s meme coin remained in the ‘neutral’ zone as chatter petered down to ‘low’ levels from ‘normal’ a day ago. 

One user expressed surprise that the token’s value was not increasing despite the 7% jump in Trump Media & Technology Group Corp. (DJT) stock after the company announced a partnership with Charles Schwab to expand into financial services. 

Another questioned if Trump would tax unrealized gains on his own token, given that a recent report speculating that Michael Saylor-owned MicroStrategy may have to shell out taxes on its unrealized gains from its Bitcoin holdings. 

Some remained hopeful that the token would recover, given Trump’s pro-crypto narrative since taking office.

Despite the push, sentiment around Trump Coin has been largely negative. 

The token has fallen 30% in the past week and is now down nearly 63% from its all-time high of $73.43, reached just before Trump’s inauguration.

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