President Donald Trump's official meme coin, TRUMP, has become the day's biggest loser as the crypto market sinks ahead of new trade tariffs set to take effect on Tuesday.

Launched just days before Trump's January inauguration, the Solana-based TRUMP token has dropped 25% in the past 24 hours, now trading at $12.19—the steepest decline among the top 100 cryptocurrencies by market cap.

The token briefly surged from $13.46 to $17.46 on Sunday after Trump announced plans for a U.S. crypto reserve holding Bitcoin, Ethereum, XRP, Solana, and Cardano. The news initially sparked a broad market rally, but the momentum quickly reversed.

In the past 24 hours, the overall crypto market has fallen 11%, according to CoinGecko, as investor sentiment erodes under pressure from persistent inflation concerns and the looming rollout of new tariffs targeting Canada and Mexico.

After a one-month delay, the 25% tariffs are now scheduled to go into effect on Tuesday, with no signs of further postponement. Trump confirmed Monday that "there's no room left for Canada or Mexico" to negotiate, while tariffs on Chinese imports are set to double from 10% to 20%.

Traditional markets are also feeling the pressure. The Dow, Nasdaq, and S&P 500 all closed lower Monday, with Nvidia falling nearly 9% and Coinbase sliding nearly 5%.

Meanwhile, gold climbed nearly 2%, hitting $2,904, while Bitcoin—often referred to as "digital gold"—tumbled 10% to $85,337, wiping out nearly all of its gains from the weekend.

Other major cryptocurrencies also suffered sharp losses:

• Solana and XRP down 20%

• Ethereum down 17%

• Dogecoin down 17%

• Leading meme coins like Pepe and Bonk down around 19%

The combination of escalating trade tensions and fading optimism around Trump's crypto initiatives has thrown the entire market into retreat.

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