Official Melania (CRYPTO: MELANIA) failed to reverse its downsides on Tuesday, even as the broader meme coin market staged a strong recovery.

What happened: The official cryptocurrency of First Lady Melania Trump fell over 4% in the last 24 hours, widening its weekly losses to 15.81%.

The continued decline contrasted sharply with the relief rally for other meme coins. The total meme coin capitalization rose 2.64% in the last 24 hours.

The token has plummeted nearly 95% from the all-time high of $13.73 set shortly after its January launch. Moreover, the slump has wiped out $13 billion worth of the coin’s fully diluted capitalization, currently valued at $367 million.

See Also: Eric Trump’s ‘Great Time’ To Buy ETH Backfires? Ethereum Plunges 30% Since His Buy Call

Why It Matters: The Solana (CRYPTO: SOL)-based token was launched just before President Donald Trump’s presidential inauguration, just like the Official Trump (CRYPTO: TRUMP) memecoin. 

The MELANIA meme coin website maintains a disclaimer, stating, “Melania Memes are intended for collecting and entertainment purposes only. They are not financial instruments or investments.”

The coin's vesting timeline consists of an initial lock period of 30 days, followed by the staggered unlocking at definite intervals for the team.

Both MELANIA and TRUMP soared following their launch, and at their peak, the combined market value of the two assets topped that of leading oil producer Occidental Petroleum.

Price Action: At the time of writing, MELANIA was exchanging hands at $0.6828, down 4.77% in the last 24 hours, according to data from Benzinga Pro. 

Benzinga’s Take: Investing in meme coins is highly speculative and involves significant risk. Meme coins often lack intrinsic value and are driven by market sentiment, social media trends, and celebrity endorsements.

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