Most major meme coins have seen a much welcomed bounce this morning. But the Official Trump (TRUMP) token lags behind its meme coin competitors, President Donald Trump’s trade war continues, and the S&P 500 extended its monthly loss.

The post Trump Token Remains Unloved as Meme Coins Bounce and S&P 500 Extends Monthly Loss appeared first on Decrypt.

It has been a brutal market in recent weeks.

That said, most major meme coins have finally seen a bit of bounce as the S&P 500 extended its monthly loss and traditional markets bled further.

According to Myriad Markets—a prediction market owned by Decrypt parent company Dastan—9.6% betters believed that TRUMP would end Q1 as the top meme coin by market cap. But as of today, the share of Trump believers has shrunk to just 2.8%, with 68% of betters thinking it stays in fourth place and 15% thinking it falls out of the top 10 entirely.

Out of the top 10 meme coins by market cap, only Brett (BRETT) performed worse than Trump over the past seven days, according to CoinGecko data, falling 25%.

The poor performance of the President’s official meme coin is likely a symptom of Trump falling out of favor in the eyes of the public.

According to pollster YouGov, 38% of U.S. adults believe that Donald Trump is doing a “much worse” job so far in his second term than they expected. Equally, Trump’s disapproval rating has started to climb from 45.8% the week after inauguration to 48.9% last week. In doing this, 51% of U.S. registered voters now view the President unfavorably.

Trump’s second term has already been filled with drama and a surprising amount of controversy, including a public argument with President Volodymyr Zelensky of Ukraine and a threat to intervene in a legal case. But most importantly, at least for crypto investors, has been his threatened trade war with the U.S.’s largest trading partners.

Most recently, Trump’s 25% tariff on steel and aluminum came into effect today. That’s caused the European Union to announce it will retaliate with “countermeasures.”

As such, the S&P 500 also fell 3.6% over the past five days and extended its monthly loss to 8.4, according to TradingView. With the broader traditional market bleeding, high-risk assets like meme coins often also take a hit.

That said, despite the S&P 500’s continued decline of 0.76% on the day, the overall meme coin market, according to CoinGecko, bounced 8%.

Maybe Fartcoin—which has gained 21% in the past day—really is the future of finance.

Edited by Stacy Elliott.