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.

Critics warn the token erodes any boundaries between the president’s political and business interests

The TRUMP meme coin launch last weekend has stirred major discussions as the altcoin faced massive volatility recently.

President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.