Donald Trump’s announcement about imminent trade tariffs on Canada and Mexico sends shockwaves in the crypto market.

President Donald Trump’s Solana-based meme coin, TRUMP, hit a new post-inauguration low on Saturday, just hours after he promoted it on social media - an action widely criticized as an attempt to artificially boost its value.

On Friday night, Trump posted "I LOVE $TRUMP!!" on his platform Truth Social, trying to promote his failing token – an act that should by now have attracted scrutiny from the Securities and Exchange Commission. However, instead of surging, the token plummeted further, reaching a low of $19.09, according to CoinGecko.

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This was the lowest price since his return to the White House on 20 January.

The decline coincided with a broader market dip, as Bitcoin, Dogecoin, and other cryptocurrencies fell following Trump’s announcement of impending trade tariffs on Canada and Mexico.

On the other hand, taking to social media in order to support a struggling token is nothing but manipulation, which is perhaps also an important factor of TRUMP’s continued decline.

Traders reacted by accelerating the dump of TRUMP, which fell as much as 70% from its peak. On 19 January – just ahead of Melania Trump’s launch of her own cryptocurrency – TRUMP climbed its all-time high of $73.

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Late on Saturday, the president’s meme coin recovered slightly to over $21.

According to Decrypt, daily trading volume for TRUMP has plunged by 90% since inauguration day, alongside declining on-chain activity and user engagement.

The broader crypto market remains in the red, largely due to concerns over new trade policies. Bitcoin was down 3% on the day at $99,200, while Solana lost 7% to $211.

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