$MELANIA coin value has drastically tanked just after weeks of its launch.

On January 20, Melania Trump launched her crypto meme coin, and it led to a sudden 50% slump to her husband, Donald Trump's coin.

The value of Melania Trump's $MELANIA coin has seen a drastic decline, especially after several weeks since its launch.

On January 20, Melania Trump launched her crypto meme coin, leading to a sudden 50% slump in the past week to her husband, Donald Trump's coin. Upon its launch, the $MELANIA coin rose to its all-time high, reaching $13.69 on January 20. However, since then, the "disastrous" meme coin has been plummeting. According to the latest update on the night of February 26, it tanked to a new low of $0.8412.

According to CoinMarketCap, the overall value of Melania Trump's business was around $1.7 billion when her coin was launched. However, it has plummeted to $464.19 million, following a steady decline for several weeks.

Meme coins like $MELANIA usually have trouble finding a solid foothold. In the cryptocurrency world, these coins are described as "highly volatile." Critics and experts often view them as "Ponzi schemes" that mainly serve to boost the wealth of unethical celebrities and insiders. These meme coins are often launched "as a joke" without any real value.

A developer, Hayden Davis, expressed his criticism, stating that meme coins are like a "manipulated game," where only a select few participants win, which comes at the cost of regular investors. Davis slammed, "It is an insider’s game. This is an unregulated casino."

However, the price can skyrocket if enough people invest in them. Supporters argue that the success of such coins could measure how the digital world could revolutionize financial transactions.

For Donald Trump, cryptocurrency-related projects seem like a playground to enrich his personal wealth. Before the First Lady launched $MELANIA, the president started his own meme coin. It didn't take long for his coin to surge to nearly $70, but only for a short while, as it soon hit a new low at just $12. According to industry researchers, the trading fees have generated huge sums for entities that were behind the launch, including an organization owned by Trump himself.

Previously, Donald Trump expressed skepticism about the crypto market. However, his views have undergone a full 180-degree turn since then. The president's clan launched a decentralized finance cryptocurrency platform last year, trying their luck in the market. Trump also endorsed crypto-themed extravagant $100,000 timepieces and footwear. He promised to work towards making America the "world capital for crypto and Bitcoin." His vows earned him massive support from crypto advocates who felt snubbed by Joe Biden's administration.

However, Trump's own meme coin has since seen a drastic decline. San Jose's ex-mayor Sam Liccardo felt compelled to act following the launch of the president's coin. He expressed his concerns over insider trading and transparency, noting that the $TRUMP coin initially benefited the early investors but caused a loss for regular buyers.

"That behaviour is so self-evidently unethical that it raises the question of why isn't there a clear enough prohibition," said Liccardo. The California Democrat Rep. proposed a legislation. Dubbed the MEME Act or Modern Emoluments and Malfeasance Enforcement, it aims to prevent high-ranking officials like the president, Congress members and their immediate families from launching or endorsing financial instruments like cryptocurrencies and commodities, among other things.

Although his bill has no chance to pass in this Republican-controlled Congress era, Liccardo hopes it would serve as a "placeholder" if Dems take over.