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.

But meme coins are suddenly more serious. Spurred on by Donald Trump's new embrace of cryptocurrency, meme coins are attracting more fans and fresh scrutiny. Days before he took office for a second term,

The entities behind President Trump's crypto meme coin have made about $100 million in trading fees in less than two weeks. This is according to a Reuters report quoting estimates from three blockchain research businesses.

Trump’s meme coin, $TRUMP, and Melania Trump’s coin, $MELANIA, plunged as the news agitated markets worldwide, according to Axios. $TRUMP — unveiled days before his inauguration — saw its value drop by 18% just over the last day. It's now down to $17.50 per token, compared to a peak of $72.62 the day before his swearing-in.

The $Trump memecoin, launched by Donald Trump just a few days before stepping into the White House, raked in nearly $100 million in trading fees in under two weeks. Since then, tens of thousands of small traders have suffered losses.