Melania Trump's crypto-only hat auction has become collateral damage in the cryptocurrency crash

• Former First Lady Melania Trump's hat auction may have become collateral damage in the crypto crash.
• Trump is taking bids for the hat in the crypto Solana, which plunged 40% over the last week.

Former First Lady Melania Trump's crypto-only hat auction may have become the latest collateral damage in the $4

Trump is accepting bids on her white Hervé Pierre hat and other White House memorabilia in Solana — one of the hardest-hit cryptocurrencies in the brutal price plunge this week. According to $4, the value of Solana has dropped more than 40%. This freefall in Solana's value comes amid a broader drop in the value of various cryptocurrencies, with $4.

According to a $4 Trump's team requested an opening bid of $250,000.

At one point, according to $4, Trump's auction, which opened on January 11, climbed in value to more than $275,000. But when the auction closed on Tuesday following the crypto market crash, the hat's high bid was $160,218.

Perhaps due to the unexpectedly low price, the auction was re-opened five hours later.

At press time, $4 was still open, and the highest bid on it was 1,800 SOL, with a value of $171,144.

"This is just evidence that none of the cryptocurrency assets provide a good, stable enough means of payment," Cornell University law professor and financial regulation expert Dan Awrey told $4, commenting on Trump's auction. "It is just too volatile."

In December, Trump ventured into the world of NFTs with a digital art piece called "$4," a watercolor representing her "cobalt blue eyes." In January, Trump also $4 her "$4" collection, which $4

"It is important to note that Mr. Pierre designed Mrs. Trump's inaugural gown and served as her fashion stylist and consultant during the Presidency," read the $4 announcing the auction. "Indeed, Mrs. Trump's iconic white hat garnered media attention worldwide."

Trump has embraced crypto-currencies, even paying tribute to bitcoin on her $4 in January.

"Today marks the 13th anniversary of the Bitcoin Genesis Block," she told her nearly 2 million followers. "Happy Anniversary, #SatoshiNakamoto #MelaniaNFT."

Trump is not the only public figure to face potential financial loss due to the crypto crash this week. $4 also saw a possible loss of about $1,000 through Monday due to the cryptocurrency meltdown. In November, Adams, who took office on January 1, $4 he would take his first three paychecks in bitcoin.