As the cryptocurrency industry is heading towards a bear market, "Made in USA" tokens are recording disproportionate gains. This includes tokens directly and indirectly related to President Trump, as well as projects completely unrelated.

The entire cryptocurrency market has undergone price adjustments in recent weeks, but utility-based tokens outside the US are performing much better than their US counterparts. These trends could stifle technological innovation in the cryptocurrency field.

Made in USA Coins Face Losses Under Trump

Since President Trump announced the US Crypto Reserve, there have been chaotic price fluctuations in the market. Although he promised during the campaign to establish a Reserve dedicated to Bit, Trump has expanded this to many "Made in USA" coins, and they have often performed well.

However, these tokens are declining, and most top tokens have seen double-digit declines this week.

To be fair, it's not just these assets that are declining. As concerns about a US recession grow, the entire cryptocurrency market is heading downwards. However, on-chain data shows a strong correlation with President Trump, and the broader scope of his actions is damaging the so-called "USA" coins.

Since his Crypto Summit received fierce backlash from the community, this trend has become increasingly clear.

Some "Made in USA" tokens have been associated with World Liberty Financial, which is backed by the Trump family. WLFI has made large investments in LINK and AAVE and continues with partnerships with SUI and ONDO. After the summit last Friday, all these assets have declined by nearly 20%.

In general, smaller tokens associated with WLFI have seen steeper declines after the Summit compared to the tokens named in Trump's Crypto Reserve. However, larger projects have already started to record significant losses before this event.

For example, Cardano declined by nearly 40% immediately after the announcement of the Crypto Reserve.

In contrast, utility-based projects outside the US, such as BNB, Mantra, and Bitget's BGB token, have only recorded slight declines of 2% to 5% during the same period.

Notably, many of these US-based cryptocurrencies are also utility-based projects with significant innovation potential, such as Sui and Chainlink. However, it is clear that these tokens are currently being associated with the "US/Trump" brand.

Therefore, any macroeconomic conditions related to Trump or the US are likely to have a greater impact on these tokens.