Washington DC - President Donald Trump and First Lady Melania Trump recently got some bad news as their controversial cryptocurrency meme coins dramatically dropped in value.

Back in January, hours before he was inaugurated into his second term in office, Trump announced the launch of his $TRUMP coin, and a few days later, his wife followed suit, launching her own $Melania coin.

While both coins initially soared in value, The Daily Beast reports that both have become nearly worthless.

$TRUMP has fallen in value from $75 per coin in January to just $8.39 today, a drop of 88%.

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$MELANIA has fared even worse, as it is now trading at only $0.20 after a drop of 98%.

Despite the fall, Trump and his family have still managed to profit immensely from the coins.

In February, a report from Reuters found the companies behind the coins managed to make nearly $100 million in trading fees, and in May, it was discovered the Trump Organization made $320 million.

The news comes as Trump, who previously called it a "scam," has made cryptocurrencies a focus of his second term, and has sought to win over the crypto community. In April, the president hosted top holders of his meme coin for dinner and a tour of the White House.

Critics have labeled the coins a "grift" and argued that Trump is violating ethics rules by profiting off of his time in office.