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The broader crypto market downturn has affected most cryptocurrencies, and Official Melania Meme (MELANIA)—launched alongside Official TRUMP by Donald Trump’s wife—is no exception.
According to CoinMarketCap, MELANIA has dropped 32% over the past seven days and was trading below $0.86 at the time of writing. Since its launch, the token has plunged 88%, and compared to its all-time high (ATH) of $13.73, the decline stands at nearly 94%.
Price dynamics of MELANIA for 30 days. Source: CoinMarketCap
However, tokens associated with political figures continue to attract scrutiny. Consumer rights organizations are urging the U.S. Department of Justice to investigate the TRUMP memecoin for potential violations of anti-corruption laws.
Additionally, California Democratic Congressman Sam Liccardo has introduced the Modern Emoluments and Malfeasance Eradication (MEME) Act, aimed at preventing lawmakers from profiting off meme-based assets. The bill appears to target Donald Trump, who made significant profits from TRUMP, despite its market value plummeting by billions after its launch earlier this year.
Political memecoins under fire from critics and opponents
Regarding MELANIA, Lookonchain data shows that some large traders have suffered multi-million-dollar losses in recent days, possibly forced to sell off their holdings.
One whale reportedly spent 30 million USDC to buy 13.97 million MELANIA a month ago but later sold them for 14.32 million USDC, losing $15.68 million.
Another trader bought 6.69 million MELANIA for 10 million USDC in early February and sold them for 6.27 million USDC at the end of the month, incurring a $3.73 million loss.
As we wrote, House Democrats are preparing to introduce the Modern Emoluments and Malfeasance Enforcement (MEME) Act, a draft legislation aimed at preventing public officials and their affiliates from profiting through the issuance or endorsement of digital assets.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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