President Donald Trump announced long-threatening tariffs on China, Canada, and Mexico over the weekend, sparking a trade war that drove investors to abandon risky assets all across the world, sending meme coins down.
Trump’s own meme coin, Official Trump, which was introduced little over two weeks ago, was down 15% to $17 as of right now.
On the weekend of its launch, it surged to a peak of over $73 before plunging 50% on the day of the inauguration.
Shiba Inu and Dogecoin, the two largest and most well-known meme coins, each saw a 14% decline. Dogwifhat fell 26 percent, while Pudgy Penguins fell 13 percent.
The total value of meme coins has decreased by 17% during the last day.
Trump signed an order imposing 10% charge on China and 25% tariffs on imports from Canada and Mexico, which sparked the decline on Saturday night.
Business between the three nations and the United States totals almost $1.6 trillion.
Source (CNBC)
