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.

"$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.

Trump may reach $35, while the crypto market rebounds to $3.5T. Traders are eyeing altcoins with strong potential as Bitcoin’s future remains uncertain.

The launch of the Trump token, which hit a $15 billion valuation, rides the trend and raises questions. Axios reporter Brady Dale explains what a meme coin is and what owners can actually do with them.

Donald Trump’s TRUMP memecoin has pulled in at least $11.4 million in fees for entities tied to the president, according to a Jan. 28 report from Bloomberg. The memecoin, which launched on January 17,