Melania Trump's disastrous meme coin has tanked just weeks after it was launched

Worth $13.69 at its peak on January 20, the cryptocurrency has now flopped and the value of her $Melania coin slumped as low as $0.8412 last night

First Lady Melania Trump's disastrous meme coin has tanked just weeks after it was launched.

Worth $13.69 at its peak on January 20, the cryptocurrency has now flopped and the value of her $Melania coin slumped as low as $0.8412 last night (February 26), following a steady decline since the afternoon of its first day on the market.

According to the CoinMarketCap website, the overall value of her business is now $464.19M, down from around $1.7bn when it launched. Meme coins, a peculiar and highly volatile segment of the crypto industry, often start as a joke with no real value but can skyrocket in price if enough people are willing to buy them.

Critics see them as nothing more than Ponzi schemes that enrich insiders and unethical celebrities, while supporters argue that meme coins could be early indicators of how the internet could revolutionize financial transactions and other dealings.

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President Donald Trump has long flouted presidential norms when it comes to endorsing and promoting products like branded Bibles and perfume. However, he's particularly leaned into cryptocurrency-related projects that could significantly boost his personal wealth.

His $Trump meme coin quickly shot up in price to nearly $70 shortly after its launch but has since dropped to about $12. Researchers have estimated that trading fees have generated tens of millions of dollars for entities that launched the coin, including a company owned by Trump.

Disclaimers on the websites of both the $Trump and $Melania coins said they were "not intended to be, or the subject of" an investment opportunity or a security.

California Democrat Rep. Sam Liccardo, representing the tech hub of Silicon Valley, expressed his astonishment that his first legislative effort targets a meme coin associated with Trump. "That wasn't my plan when I ran for office, I can assure you," Liccardo, San Jose's ex-mayor, stated.

Liccardo felt compelled to act following the president's meme coin launch just before assuming office last month, which initially benefited early buyers but soon plummeted, causing significant losses for others. Even among Trump's crypto-supporters, the move was seen as unsavory.

"That behavior is so self-evidently unethical that it raises the question why isn't there a clear enough prohibition," Liccardo remarked, voicing concerns over transparency, insider trading, and potential foreign influence linked to Trump's meme coin.

Trump clan dove headfirst into the crypto wave, launching a decentralized finance cryptocurrency platform last year while the president endorsed crypto-themed footwear and extravagant $100,000 timepieces. Trump's empire recently unveiled an ethics agreement that keeps him away from "day-to-day" business dealings, including exterior corporate ventures, also capping the financial intel he's privy to.

Previously, Trump expressed skepticism toward cryptocurrencies but did a full 180 last year, vowing to transform the U.S. into a global hub for digital assets. Crypto advocates, who felt slighted by the Biden administration, rallied around Trump, shelling out big bucks to support his successful electoral bid.

Meanwhile, developer Hayden Davis has been vocal about meme coins, slamming them as a manipulated game where only a select few win to the detriment of regular investors. "It is an insiders' game. This is an unregulated casino," he remarked.

The proposed legislation, dubbed the Modern Emoluments and Malfeasance Enforcement, or MEME act, aims to prevent the president, Congress members, other high-ranking officials, and their immediate family from issuing or endorsing financial instruments like securities, commodities, and cryptocurrencies.

Liccardo's bill, which he plans to introduce Thursday, stands no chance of passing in this Republican-controlled Congress. But the freshman lawmaker said it would serve as a placeholder if Democrats come to power, an important symbolic gesture against what he called blatant corruption. His bill comes amid a divided Democratic Party struggling to find its footing in the early weeks of the Trump presidency.

Mayor Liccardo's legislation doesn't stop at criminal sanctions; it empowers jilted private investors to bring lawsuits if they're burned by meme coins endorsed by public figures. For Liccardo, this right to sue is a crucial part of the bill given the alleged partiality he perceives in the Justice Department. "You need to have some enforcement mechanism and a private right of action helps to keep everybody honest," he said.

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