Melania MELANIA/USD Fails to Reverse Downsides Despite Broader Meme Coin Market Recovery

Official Melania MELANIA/USD failed to reverse its downsides on Tuesday, even as the broader meme coin market staged a strong recovery.

"Melania (MELANIA/USD) failed to recover from its declines on Tuesday, even as the broader meme coin market showed signs of a strong rebound, with the total meme coin capitalization in the green.

What Happened: The official cryptocurrency of First Lady Melania Trump went down more than 4% in the last 24 hours, extending its weekly losses to 15.81%.

The continued decline was in stark contrast to the recovery seen in other meme coins, with the total meme coin capitalization going up 2.64% in the last 24 hours.

The token has lost nearly 95% from the all-time high of $13.73 hit shortly after its launch in January. Moreover, the slump has wiped out $13 billion from the coin’s fully diluted capitalization, which is now stands at $367 million.

See Also: Eric Trump's 'Great Time' To Buy ETH Backfires? Ethereum Plunges 30% Since His Buy Call

Why It Matters: The Solana (SOL/USD)-based token was launched shortly before President Donald Trump’s presidential inauguration, just like the Official Trump (TRUMP/USD) memecoin.

The MELANIA meme coin website has a disclaimer, which reads, "Melania Memes are intended for collecting and entertainment purposes only. They are not financial instruments or investments."

The coin’s vesting timeline includes an initial lock period of 30 days, followed by the staggered unlocking at defined times for the team.

Both MELANIA and TRUMP shot up rapidly following their launch, and at their peak, the combined market value of the two assets exceeded that of leading oil producer Occidental Petroleum.

Price Action: At the time of writing, MELANIA was trading at $0.6828, showing a decline of 4.77% over the last 24 hours, according to Benzinga Pro.