MOSCOW, October 11. /TASS/. The memcoin $TRUMP has declined by 80% amid trade disputes between the United States and China, according to the Binance platform.

According to Binance, at 00:20 a.m. Moscow time, the memcoin declined by 80.08%, falling to $1.5. By 04:07 a.m. Moscow time, its decline slowed down to $5.54 (-26.53%).

Earlier, US President Donald Trump said that Washington would increase the customs duties on China by 100% from November 1 or earlier, and introduce export controls for all critical software.

About the memcoin

On January 18, Trump launched his $TRUMP cryptocurrency. During the day, memcoin's trading volume exceeded $11 billion. Then Trump's wife Melania also launched her $MELANIA coin. Bloomberg said that the launch of tokens by Trump and his wife is a reputational damage to the crypto industry.

Memcoins are a cryptocurrency created as a social experiment. Its price depends on the popularity of the phenomenon, on the basis of which it was created. For example, memcoins like politifi, a mixture of the words political and finance, are created in support of a particular politician. The price of a memcoin depends on the level of support of the politician. Cryptocurrencies of this format do not carry any value or application methods and are a speculative financial instrument.