Just three days after launching a Melania Trump memecoin, its value has plunged 73% from its top price.
The first lady launched her Melania Meme (MELANIA) on Sunday a day after Donald Trump launched his own memecoin.
Less than 12 hours after launching, MELANIA was up 31.5% and at one point hit more than $13. By Wednesday afternoon its value had dropped to $3.63.
The cryptocurrencies launched by the Trumps have angered some digital currency advocates.
Such cryptocurrency has no economic or transactional utility and is considered a purely speculative asset with buyers essentially betting on its worth.
Websites for both coins carry disclaimers stating they are not investment opportunities or securities.
Critics within the crypto industry say the Trumps' schemes damage the sector's reputation as it rebuilds after recent scandals and bankruptcies.
Kevin Boon, president of Mysten Labs, warned that politically linked meme coins "are dangerous because they cause polarization; people can lose a lot of money."
However, some industry figures defend celebrity meme coins as harmless entertainment.
The AFP contributed to this report.
