In recent days, the Official Trump cryptocurrency (TRUMP) has significantly dropped in price, losing over $100 million in market capitalization due to US bombings of nuclear facilities in Iran and the looming impeachment of President Donald Trump.
According to CoinMarketCap, on June 21, before the B-2 stealth bomber strikes, the market capitalization of the token was approximately $1.867 billion. On June 22, this figure sharply declined to $1.67 billion, showing a decrease of 10.5%.
Although the token has slightly recovered to $1.73 billion, overall the speculative asset has incurred losses.
At the moment, TRUMP is trading at $8.66 with losses of 14.32% over the past seven days and is 32% below the monthly highs. Its dynamics further prove the volatility inherent in so-called political tokens.
Unlike TRUMP, which has dropped to $101,400, Bitcoin has increased its market share as investors choose decentralized cryptocurrency amid geopolitical instability.
Furthermore, the fully diluted valuation of the TRUMP token at $8.66 billion implies a huge gap between the circulating supply and the total potential issuance. Considering that currently only 200 million TRUMP are in circulation out of a maximum supply of 1 billion, any future unlocks will exert noticeable downward pressure on the price.