"$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.