Some investors who purchased moments after Trump announced his meme coin on January 18 made terrific gains on the speculative asset, tens of thousands of investors have lost money since they bought in near the highs of around $74. It is currently trading at around $13.

President Donald Trump arrived in the Saudi capital of Riyadh as he began a four-day Middle East trip. Upon his arrival he met with the crown prince and U.S. tech executives. Trump will also travel to Qatar and the United Arab Emirates.