Since the presidential inauguration two days ago, the two newly created crypto coins by the US President and the First Lady have both seen movement downwards.
Donald Trump’s meme coin ($TRUMP) is currently at $39.06
The Melania meme coin ($Melania) is down sharply to only $3.72 this morning.
The $TRUMP was created one week ago and quickly rose to several Billion dollars in market capitalization.
It’s counterpart, the $Melania coin, was created just this past Friday, and also shot up to over a Billian dollars market cap.
Meme coins are often created for humorous reasons and have no intrinsic value, and therefore are not treated as serious investments in the financial community.
This is in stark contrast to Bitcoin, which has immense intrinsic value. At 1:00 PM New York time, BTC was seen trading at $104k.
Oftentimes meme coins experience a sharp initial rise due to internet publicity, then fall to zero once the initial charm and novelty wear off.