(Bloomberg) -- Crypto enthusiasts are learning the hard way that even the US First Family’s participation in a memecoin is no guarantee of success. 

Melania Trump’s crypto memecoin MELANIA has lost almost 90% of its value in the weeks since Donald Trump’s inauguration, while the president’s token TRUMP has seen its price fall around 75% from its all-time high, according to data compiled from CoinMarketCap.

Memecoins are highly volatile and generally do not have much intrinsic value. The tokens can often depend on something going viral, but that can be short-lived, according to Stephane Ouellette, chief executive officer and and co-founder of FRNT Financial Inc.

“The performance of TRUMP and MELANIA reflects this fleetingness,” Ouellette said. “These assets have unclear purposes beyond their momentary novelty and this gives speculators little incentive to hold beyond time horizons measured in mere days.”

The president’s foray into memecoins was met with mixed reaction from the crypto industry. Some thought it showed his commitment to making crypto a priority, while others believed it hurt the industry at a time when it is trying to appear more credible.

The president announced his memecoin in a Jan. 17 TruthSocial post. The token reached over $70, but saw declines after Melania Trump launched her own coin two days later. Both tokens were distributed on the Solana blockchain.

The first lady’s token reached a market capitalization of as much as $2.1 billion. But after reaching an all-time high of $13.73, the token now changes hands for around $1.50. 

This type of pullback in prices is standard for memecoins, but Trump’s actions can affect all markets including crypto, according to Joe McCann, founder and CEO of Asymmetric.

“Unlike other memecoins, you have the literal president of the United States who is exceptionally good at creating viral controversy on the internet, whether you like it or not, that could have an impact on the price of his token either directly or indirectly,” McCann said.

CIC Digital LLC and Fight Fight Fight LLC are the Trump-linked issuers of the president’s coin. CIC Digital didn’t immediately respond to requests for comment. Fight Fight Fight and MKT World LLC, the Melania-linked issuer of the first lady’s coin, could not be reached for comment.

Since its launch, the Trump token has likely generated at least $11.5 million in fees for entities linked to the president, according to risk modeling firm Gauntlet. But most wallets that bought the token made no more than $13, according to Bloomberg analysis.

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