First Lady Melania Trump's Meme Coin Crashes To New Low

First lady Melania Trump's meme coin plummeted to an all-time low after a major investor sold off $MELANIA tokens and reaped $42.7 million in profit, according to reports.

"$MELANIA has plunged 80% from its peak, hitting a record low of $2.57 after a major whale sell-off. A crypto whale cashed out, making a $42.7M profit, triggering a 32% drop in a day and raising concerns over the token's future," CoinMarketCap reported on Friday.

The token crashed from $13.73 to $2.57, and trading volume is down 50%. Its market cap was $193 million on Friday morning.

"Investors facing significant losses," CoinMarketCap said in a note.

"Despite its ties to political figures, MELANIA's future remains uncertain as investor confidence wanes. Can it recover, or is this the end of the hype?" it asked.

According to a Lookonchain posting on X, the whale spent $688,000 a few days ago to buy 5.2 million $MELANIA at $0.13.

The person sold all of them at an average price of $8.34.

$TRUMP was priced at $33.71, down about 9% on Friday morning.

President Donald Trump and the first lady launched meme coins over the weekend - $TRUMP and $MELANIA - and they quickly soared in value as he was sworn in as president before dropping back down to earth days later.

"This is not surprising to some extent, as meme coins are known for their high volatility and uncertainty. The drop in the price of the Melania coin to an all-time low indicates investors' panic and skepticism about its performance," Coingape said.

"However, some experts speculate its possible recovery around its political association and hype around Trump meme coins," it added.