Memecoin, which is associated with US President Donald Trump, lost three quarters of its value in two weeks of trading, Yahoo Finance reports, UNN writes.
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The coin, known by the ticker $TRUMP, was launched on January 17, its price reached $75.35, and the total market value reached $14.5 billion two days later.
Already on February 4, it was trading with a market capitalization of $3.6 billion, and the market price was about $17.90, according to data provider CoinMarketCap.
The coins have raised ethical concerns about the fact that a sitting president is closely associated with a cryptocurrency that bears his own name. Memcoins with similar characteristics have been linked to so-called pump-and-dump schemes.
Fight Fight Fight and CIC Digital have stated that $TRUMP and $MELANIA are not investments or securities, but are "expressions of support.
Earlier this week, Reuters reported that the organizations behind $TRUMP have accumulated about $100 million in trading fees since launch, based on estimates from blockchain analysis companies including Merkle Science and Chainalysis.
At least 50 of the largest investors in the coin have made profits in excess of $10 million each, according to the report, citing Chainalysis.
The price drop comes amid volatility among cryptocurrencies. Over the past few days, bitcoin has fallen against the US dollar, coming under pressure from duty-related sales elsewhere in the market.
