On February 3, the decline in the entire cryptocurrency market has sent the Trump-issued token "TRUMP" further down in the past 24 hours, falling by a staggering 75% from its peak. Trump issued the token a few days before his swearing-in ceremony on January 20, making it the first "meme coin" to be officially endorsed by a sitting US president. An analysis by CoinDesk showed that the token's market capitalization soared from zero to a peak of $14 billion in less than 48 hours after it went live, even though most retail traders lost money on the generation. Trump previously continued to speak out in support of the token on his social media platforms, however, the market reaction was less enthusiastic than expected. As of Sunday morning local time, the price of Trump tokens had fallen to a low of $19.09.