People brand Melania Trump's meme coin 'disgusting' after realizing how much it's worth after a month
The Presidential crypto rush has seemingly run dry
Despite major boons shortly after its release, US First Lady Melania Trump's inauguration 'meme coin' has been branded as 'disgusting' as it drops significantly in the months following its launch.
Much was said about the launch of an official cryptocurrency from the President in celebration of the inauguration, as Trump has made it clear that he's prioritizing the deregulated economy as a key part of his second administration.
His victory saw major gains across the board, allowing Bitcoin to soar past the $100,000 milestone for the first time in its history, and the creation of a working cryptocurrency group lines up with predictions of a national reserve.
Trump's own coin saw 500 people become millionaires overnight, as it was reported that over 80% of his own net worth was, at least at the start, invested in the crypto coin - but it was quickly usurped by a close rival.
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It was the president's own wife Melania that quickly dethroned him at the top of the crypto rankings following the inauguration, reaching a peak price of $13.73.
Unsurprisingly though this quickly tanked following the inauguration's conclusion, dropping to $3.44 in just a day and causing many to lose what they invested.
This pain is far from over though, as 'Official Melania Meme' has continued to drop and drop to the point where it's now reached an all-time low, with some crypto enthusiasts branding the coin 'disgusting'.
Working through CoinStats' Crypto Profit Calculator, if you purchased $10,000 of Melania's coin at it's inauguration day peak ($13.73) and went to sell it now, you'd have to register a $9,347.56 or 93.48% loss, as that same amount is now worth just $652.44.
This obviously scales far worse with the more that you invest, so if one of the millionaires that made their fortune from Trump's coin decided to pump it all into Melania's alternative in a wild double or nothing, they'd have lost a staggering $934,756.01 - ouch.
"Absolutely disgusting," remarks one X user in response to similar loss stats, with a reply outlining that "the Donald Trump coin is not much better. People lost a lot of money."
One commenter points out the difficulty of crypto trading, arguing "if you sold it a few hours later it would have been the other way around," and that's certainly an attractive prospect.
Official Melania Meme did indeed open at around $8.48, as per CoinMarketCap, so if you put in the same small $10,000 and sold at its peak, you would have walked away with $16,161.
This was likely an impossible scenario for most traders though, as it took just a couple of hours for the price to peak and drop all the way down again. As one user adeptly puts it: "The insiders made money. His average supports lost big."