Trump’s $TRUMP Coin Plunges From $70 to $1 on ‘Blue Tsunami’ Record-Low Selloff

Donald Trump’s official memecoin, $TRUMP, fell to a record low after Republicans were routed in the midterm elections. The drop reflected fears that Democratic control of both chambers of Congress could hinder the Trump administration’s pro-crypto agenda and intensify congressional scrutiny of the president’s family crypto businesses.

The token slumped 16% in 24 hours to an intraday low of $1.12 on Nov. 5, the Wall Street Journal reported. That left it down 98.5% from its record high of $73.43 in January 2025. By simple comparison, a 10 million won investment at the peak would now be worth about 153,000 won.

$TRUMP was launched in January 2025, three days before Trump’s second inauguration. Its political symbolism and buying by Trump supporters briefly drove the price above $70, while its market capitalization swelled into the billions of dollars.

But memecoins are driven more by buzz and investor sentiment than by a clear revenue model or practical use. After the initial frenzy faded, the price fell quickly. The midterm election result became the latest trigger for further losses.

Democrats won control of both the Senate and the House in the Nov. 3 midterm elections. With the so-called blue tsunami becoming reality, the prospects for the Trump administration’s push to ease crypto regulation and pass related legislation have become more uncertain.

Democrats have criticized the president’s family crypto ventures as a conflict-of-interest issue, raising the prospect that hearings and investigations could accelerate in the new Congress. WLFI, issued by World Liberty Financial, in which the Trump family has participated, and a memecoin bearing first lady Melania Trump’s name also weakened after the election.

While retail investors suffered steep losses in the collapse of $TRUMP, President Trump appears to have made substantial money from the coin business.

According to his 2025 annual financial disclosure filed with the U.S. Office of Government Ethics, Trump reported $635 million in income related to sales of the $TRUMP memecoin. The figure refers to sales-related income listed in the filing, not unrealized gains on coin holdings, and should be distinguished from net profit.

The Trump family reported more than $1.4 billion in income last year from crypto businesses including World Liberty Financial. Reuters estimated that the family has earned at least $2.3 billion from crypto ventures since returning to the White House in 2025.

Trump also drew criticism last year after personally attending a dinner for major $TRUMP holders, using coin ownership as an opportunity to meet the president. The episode fueled conflict-of-interest concerns that the line between the president’s political influence and his private business had blurred.

Lee Song-ryeol, Hankyung.com reporter yisr0203@hankyung.com