Looks like mixing MAGA with memecoins wasn't the golden ticket after all… at least for retail investors

The Official Trump Token (TRUMP) just wiped out $2 billion in market cap faster than you can say "fake news."

And this time, Trump doesn’t have anyone but himself to blame – after all, it has his name all over it. 

A Wild Week in MAGA-Fi

The token launched on January 18th with more hype than your average Trump rally.

Within 24 hours, it pumped to $75.35, and crypto Twitter lost their collective minds. 

Everyone thought they'd found the next PEPE – I mean, the president of the United States did it. 

Fast forward one week: TRUMP's trading at $25.39, down almost 30% on the week alone. 

That's about $500 million gone in just the last 24 hours. 

Hardly the “Make The Charts Great Again” sentiment that the token delivered upon launch.

The party truly ended when the Donald himself basically said "Never heard of it," when asked about the token. 

Sure, that was taken out of context, but it was all an exhausted rally needed to hear before collapsing in on itself like Biden trying to navigate a single flight of stairs. 

The Charts Paint The (Ugly) Picture

If you're a tea leave enjoyer (also known as a technical analyst), it's not looking great. 

TRUMP is stuck in what traders call a "descending parallel channel" – another way of saying that "number will continue to go down" for the foreseeable future.

Support is sitting around $13.45, with resistance up at $39.14, with the EMAs and SMAs both screaming "sell" louder than your redneck cousin at that Trump rally we mentioned above. 

Even BagCalls is calling for TRUMP to absolutely nuke memes and retail in the short term – folks are burnt, and they’re not too happy about it.

The MAGA-Sized Elephant in the Room

The biggest risk is that one wallet still holds 80% of all TRUMP tokens. 

That's a whole parade of red flags screaming to any long-term investor that this is not a safe bet. 

When one wallet can decimate the entire chart, it’s a risky play, no matter who backs it.

And in a space that's supposed to be about decentralization, having one wallet control most of the supply is like having a centralized bank… which kind of defeats the point of crypto.

Where Do We Go From Here?

The future of TRUMP token's about as clear as political campaign promises. 

Sure, they're talking about using it for merch payments and growing the ecosystem, but when the namesake of your token doesn't even know what it is, you might have a problem.

Some copium dealers are saying this dump is actually good – you know, the whole "shaking out weak hands" narrative we hear every time something dumps 70%-99.9%. 

But when you've got one wallet holding most of the supply and technical indicators looking worse than Kamala’s polling numbers, maybe it's time to zoom out and peek at the fundamentals a bit before aping further down the rabbit hole. 

Did We get Trump’d?

This new mix of political hype and crypto degeneracy turned out to be more potent than anyone thought. 

The TRUMP token could still bounce back, but when your token's main selling point is a name, and the person behind that name isn't vehemently supportive of the project, you’re taking a big risk if you blindly support it.

For the time being,the TRUMP token is looking less like "make crypto great again" and more like "make traders poor again." 

Hey, at least the memes are good.