The Official Trump (TRUMP) token is now the worst-performing cryptocurrency among the top 100 by market capitalization, as an increasingly bitter public feud between US President Donald Trump and tech billionaire Elon Musk spills over into crypto markets.
According to data retrieved by Finbold research from CoinMarketCap, TRUMP’s market cap plummeted from $2.168 billion to $1.935 billion over the past 24 hours, erasing $233 million in value.
At the time of writing, TRUMP is trading at $9.66, down 10.74% on the day and 15.58% over the past week.
The sell-off comes amid a dramatic surge in trading activity. 24-hour volume soared to $876.85 million, up 211.87%, as traders rushed to position around the fallout from Trump and Musk’s increasingly personal public spat.
Politics and crypto collide
The rift between Trump and Musk, once unlikely allies, went viral after Musk publicly criticized one of Trump’s flagship tax and spending bills. In response, Trump posted that he was “disappointed” with Musk and hinted that this could mark the end of their “great relationship.”
Musk then fired back, accusing Trump of “ingratitude” and adding pointedly: “Without me, Trump would have lost the election.”
Dogecoin also caught in the crossfire
Interestingly, Dogecoin (DOGE), a coin long championed by Musk, also featured among the top five crypto losers in the past 24 hours. DOGE is down 7.1% over the same period, with trading volume soaring to nearly $2 billion, a 149.75% increase.
The rapid decline in TRUMP’s and DOGE price highlights how closely some cryptocurrencies are tied to online sentiment, and how vulnerable they can be to sudden shifts in public narrative.
Furthermore, the surge in trading volume suggests that both retail traders and larger market participants were quick to react to the headlines, with some likely cashing out and others attempting to trade the volatility.
Both TRUMP and DOGE represent tokens with strong cultural and narrative-driven investor bases, meaning they are more prone to sharp moves when narratives shift.
What’s next?
With Trump and Musk continuing to trade barbs across the platforms they each control, it remains unclear whether this feud will cool or continue to drive volatility.
For now, the Official Trump token remains highly reactive to the political drama, while Dogecoin traders appear to be watching closely for further Musk comments that could sway its short-term price direction.
One thing is clear: crypto markets are becoming ever more intertwined with real-world political events, and traders are moving faster than ever to capitalize on those narratives.
Featured image via Shutterstock
