President Donald Trump’s meme coin $Trump has dropped 63 per cent in value in the past 10 days.

The coin is down from $14.9 billion as of January 20 to $5.5 billion on Thursday, wiping off around $9.4 billion in market cap, as per data from Coinmarketcap.com.

At the time of filing this report, $Trump was trading at $27.7 in comparison to $74 on Monday previous week.

Out of the 1 billion maximum supply of $Trump meme coin, 200 million coins are currently circulating in the market and are in public hands.

Importantly, the coin has been unable to see full recovery ever since it dropped following the launch of $Melania, the meme coin launched by Donald Trump’s wife and first lady Melania Trump on January 20. $Trump coin had plummeted to around $8 billion market cap on the launch day of the $Melania coin.

The $Melania coin, on the other hand, has also lost most of its value. From its peak $2.2 billion market cap on January 20, the coin was down by 82 per cent to $396 million, indicating speculation and hype driving the initial spike in price and value for both the coins without inherent utility.

Meanwhile, President Trump took measures after returning to the White House for the cryptocurrency landscape in the US. For instance, Trump signed an executive order on January 23 to create a cryptocurrency working group for proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile.