First Lady Melania Trump's disastrous meme coin has tanked just weeks after it was launched. Worth $13.69 at its peak on January 20, the cryptocurrency has now flopped and the value of her $Melania coin slumped as low as $0.

The first lady's meme coin fell to a market valuation of just $513 million one month after launching with a $1.5 billion market cap.

California Democrat Rep. Sam Liccardo, a freshman congressman who represents Silicon Valley, said he’s surprised the first piece of legislation he’s sponsoring takes aim at President Donal Trump’s meme coin.

A California Democrat plans to introduce the Modern Emoluments and Malfeasance Enforcement Act, or MEME Act, on Thursday.

His bill would also allow lawsuits from crypto speculators who lose money by investing in a meme coin sponsored by a public official. Some 800,000 retail investors lost at least $2 billion when early insider investors quickly sold their $TRUMP coin after its issuance, according to a press release from Liccardo’s office.

The value of $MELANIA has plummeted to less than $1, leaving investors reeling from losses, underscoring the unpredictable world of cryptocurrency.

BitMEX Research has criticized Donald Trump's meme coin launch as a stark example of political corruption enabled by blockchain technology, arguing it reflects decades of eroded trust in U.S. leadership.

The new bill follows presidential forays into memecoins from Donald Trump, the president of the Central African Republic, and Argentina.

Memecoin’s moment may have passed, just after U.S. President Donald Trump cashed in on the frenzy around it. The MAGA chief’s decision in January to launch a memecoin—a digital token which isn’t linked to any kind of underlying business or asset—caused a flurry of interest,

When the most famous man in the world cashes in on a crypto trend, that's a strong top signal. Why it matters: Revenue has been falling for the leading meme-coin platform since the Trump Organization launched the Official Trump (TRUMP) and Melania Meme (MELANIA) coins Jan.

Congress Democrats have introduced a bill in the House to ban top federal officials and their families from issuing or promoting meme coins.