Trump Media & Technology Group Corp. (DJT) is experiencing a decline in its stock price today, which may be influenced by the recent volatility surrounding Donald Trump's newly launched cryptocurrency token, $TRUMP. The token, which saw a massive surge in value over the weekend, experienced a sharp decline by Sunday night, dropping from a $15 billion market cap to $9 billion. This volatility in Trump's crypto holdings, which constitute a significant portion of his net worth, could be contributing to uncertainty among investors in DJT stock.
Additionally, the launch of Melania Trump's own meme coin on Sunday has added to the fluctuations in the value of both tokens, further impacting market sentiment. The speculative nature of these meme coins, combined with the potential conflicts of interest as Trump assumes office, has drawn criticism from government watchdogs and ethics officials. This scrutiny may be causing investors to reassess their positions in DJT, leading to today's downward pressure on the stock.
As of 10:00 AM on January 20, DJT's stock is trading at $40.40, down 1.46% from the previous close of $41.00. The stock opened at $41.80 and has seen a high of $43.45 and a low of $39.57 so far today. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 30,112,740 shares, representing 84.37% of its average daily volume of 35,690,000 shares, indicating significant trading activity early in the session.