Melania Trump Meme Coin Drops Below $1 in Value a Month After Launching: 'Scammed By the First Family'

First Lady Melania Trump's meme coin has dropped to less than $1 in value just one month after its launch.

The first lady released her cryptocurrency token days after President Donald Trump launched $TRUMP, which surged in value, exceeding a $72 billion market valuation within three days. However, like $MELANIA, it rapidly lost value. Today, $TRUMP stands at $13.35, per CoinMarketCap.

While the Trumps earned more than $100 million in trading fees when $TRUMP launched, more than 810,000 crypto wallets lost $2 billion, New York Times reported.

When $MELANIA first launched, it experienced much of the same success $TRUMP did. Each coin hit a nearly $10 valuation, nearing a $1.5 billion market cap.

Within days, however, $MELANIA dropped to a low of $3.50 and never recovered. On Tuesday, the meme coin nosedived, falling from $1.20 to $.90 at its lowest with a market cap of $513 million, CoinMarketCap reported.

Entrepreneur Brian Krassenstein pointed out on X Tuesday that anyone who invested $13,000 in $MELANIA has a balance of $990 today.

"Congratulations! You've been scammed by the First Family," he added.

Another user added that anyone who bought and sold the coins within a few hours would have made a nice profit.

"The insiders made money. His average supports lost big," Krassenstein clarified, to which the X user added that he made money despite hating Trump.

Other social media users remained hopeful for anyone who invested in the meme coin.

"Reminder: you haven't lost if you haven't sold. If you sold anything right now, that's on you," @RyanMay02103594 wrote. "It is true they are sucking, but they are still active. I doubt they won't try to figure the coins out down the road. If I'm wrong I'm wrong, but no one has lost who hasn't sold."

Argentinian President Javier Milei worked with the same team that launched the first lady's meme coin. He is currently being sued for promoting $LIBRA, which, like $TRUMP and $MELANIA, surged and then crashed, but not before Milei and his team "cashed out $107 million."