The first lady launched her Melania Meme (MELANIA) on Sunday a day after Donald Trump launched his own memecoin. Less than 12 hours after launching, MELANIA was up 31.5% and at one point hit more than $13. By Wednesday afternoon its value had dropped to $3.63.

Two days after Donald Trump launched a memecoin that soared to $6.5 billion overnight, Melania Trump announced her own memecoin, adding to concerns the pro-crypto president is crossing ethical boundaries in an industry his administration will regulate.

TRUMP and MELANIA tokens sell off sharply as the wider memecoin sector correction is accompanied by a sharp drop in open interest.

Within hours, TRUMP skyrocketed in value, climbing from pennies to over $50, with a market cap over $10 billion. The coin now ranks among the world’s top 20 digital assets, attracting both investors and critics. Trump’s business arm holds 80% of the tokens, set to release gradually during his presidency.