Crypto offers an extremely lucrative way of making money. It's also an easy way to get duped. Case in point: the supporters of President Donald Trump, who bought his meme coin, $Trump, amid a wave of enthusiasm preceding his inauguration.

The price of $Trump has dropped to around $17, resulting in cumulative losses of $2 billion for several investors.

Entities behind President Donald Trump’s crypto coin have accumulated close to $100 million in trading fees in less than two weeks, according to estimates from three blockchain analysis firms, a large windfall from a venture that has seen tens of thousands of small traders lose money.

D onald Trump’s launch of a new cryptocurrency called $Trump just days before his inauguration caused a frenzy in the crypto market. Some early traders made huge profits, with o

It includes an image of him raising his fist in the air and the words "fight, fight, fight" — a reference to his reaction after an assassination attempt last July. The token is marketed as "a piece of history," with Trump described as "the crypto president."

Trump’s $TRUMP meme coin launch has led to 700+ fake copycat tokens, insider trading suspicions, and ethical concerns.

Now that there's both Official Trump (with the ticker TRUMP) and Official Melania Meme (with the ticker MELANIA) meme coins, both of which were launched recently on the Solana blockchain, people might be wondering which of the pair is the better bet.

"That coin is a joke," one Trump supporter who said he lost money on the president's memecoin wrote on social media