Blockchain tracking firm Lookonchain says one crypto trader is looking at multi-million dollar losses after trading the official memecoin of Melania Trump, wife of US President Donald Trump.

According to Lookonchain, the trader scooped up nearly 14 million Melania (MELANIA) last month for about $30 million, only to sell off all his holdings this week at a loss of $15.68 million.

Lookonchain also noticed another whale lost $3.73 million on his MELANIA trade this week as well.

“Whales sold all their MELANIA holdings at a loss recently!

DNTpoX…LN2A spent 30 million USDC to buy 13.97 million MELANIA a month ago, and sold for 14.32 million USDC yesterday, losing $15.68 million.

Gu2bnm…xmni spent 10 million USDC to buy 6.69 million MELANIA 22 days ago, and sold 6.27 million USDC in the past two days, losing $3.73 million.”

Melania is trading for $0.85 at time of writing, down 93.5% from its all-time high of $13.05, which it hit on January 20th, a day after launching.

Crypto whales trading Official Trump (TRUMP), which the president launched just days before his inauguration, are also seeing red.

Lookonchain reports that a whale liquidated his position in the TRUMP memecoin this week at a loss of $24.4 million

TRUMP is trading at $12.60 at time of writing, down 83% from the all-time high price of $73.43, which it reached last month.

Meanwhile, a freshman California Democrat Congress member, Representative Sam Liccardo, is proposing legislation to prevent lawmakers from profiting off meme assets.

The bill, called the Modern Emoluments and Malfeasance Enforcement (MEME) Act, appears to be aimed at Trump, who has profited off TRUMP despite the meme asset having lost billions in value after launching earlier this year.

Some analysts have accused Trump of perpetrating a rug pull.