Meme Coins Trump and Melania Lose Half Their Value in Days

In just a few days, the crypto tokens named after President Donald Trump and First Lady Melania Trump have seen their values drop by over 50%. The $TRUMP coin, launched by the former president, fell from $75 to $37. 85, while the $MELANIA coin, launched by the First Lady, dropped from $13. 70 to $4. 31. This sharp decline highlights the unpredictable nature of "meme coins, " which some crypto leaders worry could harm the industry's reputation. The tokens, trading on the Solana blockchain, have affected the platform's SOL token, which also saw a 5% drop. Bitcoin, the world's most valuable cryptocurrency, dipped by 4% from its all-time high.The $TRUMP coin was announced on Truth Social, with 200 million tokens available at launch. The remaining 800 million tokens are held by Trump Organization affiliates. The $MELANIA coin was distributed by MKT World, a Florida company started by Melania Trump. Both coins have disclaimers stating they are not investment opportunities. Despite the drop, the $TRUMP coin remains in the top 25 most valuable crypto tokens. The launch of the $MELANIA coin initially caused the $TRUMP coin to lose value, but it recovered slightly after being listed on the Robinhood app.