Who could ever have seen this coming?Down the DrainSince Donald Trump's "official" meme coin hit eyebrow-raising heights just before his inauguration, its value has plummeted spectacularly.As CoinMarketCap's price-tracking shows, the value of the $TRUMP coin currently sits at just under $27 per token a 64 percent decrease from its all-time high of $75 the day prior to the president's swearing-in.Less than a week after the coin's initial launch, the president admitted or claimed, at least that he wasn't all that involved in the whole thing to begin with."I don't know much about it other than I launched it," Trump told reporters at the White House. "I heard it was very successful, I haven't checked it."The coin's value immediately began to tank after those comments,Decrypt reported a trend that's continued as the coin slidesTrump TuahDespite ample warnings that the "official Trump coin" represented the worst of the crypto world's scammy get-rich-quick impulses, the crypto-ignorant didn't heed those calls for caution and began buying it en masse.Launched on January 17, $TRUMP's value skyrocketed rapidly to a $10 billion market capitalization and brought associated tokens, including the second-time first lady's $MELANIA meme coin, along for the ride.Despite that initial market enthusiasm, the industry's leveler heads weren't impressed."Trump's comments about not knowing much about the coin back up my opinion that he is making a mockery of the industry," Danny Scott, the CEO of the CoinCorner crypto platform, told the BBC. "It's a stunt."Even Anthony Scaramucci, Trump's brief-lived communications director from his first administration, recognized the volatility of the $TRUMP coin gambit."It's a gambling token," the SkyBridge founder toldYahoo Financelast week. "Our society is always going to have gambling... but he's the leader of our country, and he does represent something to the rest of these countries, at least the institution of the presidency once did. So I don't like it."Amid a weeklong flurry of hateful and potentially AI-generated executive orders during the first week of the second Trump administration that make 2017's "Muslim ban" look like child's play, the president was also passively at the helm of a massively losing venture.And isn't losing supposed to be the one thing he doesn't do?More on the Trumps and crypto: Ivanka Trump Warns of $IVANKA Meme Coin That's Grifting Her Fans Without Even Paying HerShare This Article