'Meteoric fall': Donald and Melania Trump see crypto coins collapse in value
President Donald Trump's meme cryptocurrency, coined $TRUMP, collapsed on Thursday after seeing a respectable morning. By the close of the U.S. stock markets, however, $TRUMP had fallen $8.39. What's worse, so has $MELANIA, though less than her husband's at just $0.20 down.
The Daily Beast was the first to notice the bad day of crypto trading as part of a seven-day trend. Thus far, it "has fallen in value from almost $75 per token in January to barely $8 today (an 88 percent drop)," as of 2 p.m. EDT. As of publication, the price of this piece has increased to over $10.
CoinMarketCap showed $TRUMP falling 5.83% over the last 24 hours, but it extends a seven-day decline of 6.35%.
"Canary Capital’s ETF filing on August 13 briefly lifted TRUMP from $9.40 to $9.60, but the token has since retreated to $8.39. While the ETF could boost liquidity long-term, SEC approval processes typically take months, and memecoin ETFs face higher regulatory skepticism," CoinMarketCap said, citing a Bloomberg note.
Trump saw a huge explosion of wealth through cryptocurrency on the day it launched. But by the time Trump was sworn into office, it fell to about $40 per token.
$MELANIA, however, is far worse, losing more than 98% of the value of the first lady's cryptocurrency since January.
"Notably, the meteoric fall of the Trumps’ crypto assets doesn’t mean that he and his family haven’t made money off of the gambit," explained The Beast.
A Reuters report in February said that when it launched, the creators made nearly $100 million from trading fees. In May, an Associated Press report said that the Trump Organization pocketed $320 million from trading fees.
One of Trump's companies, CIC Digital, controls 800 million coins as of February. The president celebrated others who bought into the coin at an event where some investors were not impressed.