You may recall that the president has a meme coin, $TRUMP. Days before his second inauguration, the president—who told Fox News in his first term that he was not “a big fan” of cryptocurrencies, which he deemed possibly “fake”—made his own foray into crypto.
The meme coin’s value quickly rocketed to around $75. It dropped shortly thereafter but saw a bump in April when Trump announced “the most EXCLUSIVE INVITATION in the world”: for the top 220 investors in $TRUMP coin to enjoy a private dinner with the president at his Virginia golf club.
Since then, the Trump coin’s value has slumped again, to $9, having sunk 88 percent from its January high.
You may also recall—if you strain your memory further—that the first lady, Melania Trump, is in the meme coin business as well. Her $MELANIA coin has followed a similar trajectory to her husband’s coin, seeing a precipitous, 98 percent decline in value from its $8.50 peak in mid-January.
In May, the Financial Times published an investigation into Melania Trump’s meme coin, revealing that a coterie of traders reaped nearly $100 million by buying $MELANIA coin minutes before it was publicly announced, before off-loading most of their holdings after its value spiked following the announcement.
The first lady’s meme coin is now worth less than a quarter of a dollar.
The post Trump and Melania’s Scammy Meme Coins Have
Lost Almost All Value appeared first on New Republic.
