U.S. President Donald Trump’s meme coin price has plunged more than 90% from its peak a year ago.Cit..

U.S. President Donald Trump’s meme coin price has plunged more than 90% from its peak a year ago.

Citing data from cryptocurrency analysis company CoinMarketCap, the Financial Times (FT) reported on the 21st (local time) that the price of “Trump Coin ($TRUMP), which was released ahead of President Trump’s inauguration in January last year, soared from $1.20 to $75.35 at one point, but is currently trading at $4.86. It is down 94% from the highest price.

The FT evaluated it as a sign that President Trump’s enthusiasm for meme coins, which caused controversy, has faded.

The price of the meme coin (‘$MELANIA’) of President Trump’s wife, Melania, also rose to $13.73 at one point. It is currently trading below $0.15, a 99% plunge from its peak.

MemeCoin is a virtual currency created based on online trends without inherent utility.

The FT pointed out that criticism surrounding President Trump’s virtual currency business may grow due to a sharp drop in Trump meme coin prices. Some have criticized President Trump and his wife’s meme coins as an easy means of making money and abuse of power.

According to the FT’s recent analysis, the Trump family’s virtual currency business activities are estimated to have generated more than $1 billion (about 1.5 trillion won) before tax.