"$MELANIA has plunged 80% from its peak, hitting a record low of $2.57 after a major whale sell-off. A crypto whale cashed out, making a $42.7M profit, triggering a 32% drop in a day and raising concerns over the token's future," CoinMarketCap reported on Friday.

The launch of the $MELANIA token comes just two days after President-elect Donald Trump launched his own meme coin, which has since soared to a market cap of $10 billion.

Cryptocurrency fans may have gotten more than they bargained for when the president and his wife launched a pair of tokens last week.

Melania Trump launched her own cryptocurrency, $MELANIA, following the success of her husband’s $TRUMP meme coin. Analysts see profit potential in $TRUMP, but ethics experts criticize it as exploiting the presidency. Meme coins like $TRUMP and $MELANIA are highly speculative, with limited utility and significant risks for traders.

After breaking the record for the fastest meme coin to hit a $15 billion market cap, the Official Trump ($TRUMP) coin has come under scrutiny. Many question

But by associating himself so closely with meme coins, some crypto fans worry that Trump hurts his ability to enact reforms

By associating himself so closely with meme coins, some crypto fans worry that Trump hurts his chances to help the wider crypto industry.