Trump and Melania's Crypto Tokens Take a Nosedive

The cryptocurrencies tied to Donald and Melania Trump, known as "Official Trump" and "Melania Meme, " saw their values plummet recently. "Official Trump" lost over 20% of its value in just 24 hours, dropping to $38. This dramatic drop reversed some of the gains seen since the coin's launch last week, when its price rose from $10 to nearly $75. Similarly, "Melania Meme" lost over half of its value, falling to $4. 19. This decline mirrored a slight dip in Bitcoin's value, which dropped by nearly one percentage point to $102, 853 in early trading on Tuesday.The drop in these Trump-linked cryptocurrencies comes after a period of growth following Trump's election win in November. At a cryptocurrency conference in July, Trump had expressed his intention to make the U. S. the "crypto capital of the planet, " promising regulatory easing and the creation of a National Strategic Bitcoin Reserve. The recent decline in these crypto tokens also coincided with the resignation of SEC Chair Gary Gensler, who was seen as too strict by some crypto advocates.