President Donald Trump scored another win this past week when his nominee for Labor secretary cleared the last procedural hurdle prior to a confirmation vote on Monday.

Yet the news for Trump hasn't all been good as meme coins linked to himself and his wife have dropped in value by 81% and 92% respectively. 

Price of both coins went up sharply in the days prior to Trump's inauguration

According to Yahoo Finance, the tokens, which trade under ticker symbols TRUMP-OFFICIAL-USD and MELANIA MELANIA-OFFICIAL-USD, have shared a tumultuous history.

The news service recalled how both coins soared in value earlier this year, with a major jump coming just days before Trump was sworn into office.

However, the two tokens have since seen their prices collapse, with Official Trump slumping from a high of $72 to just over $13.

On the same day that Yahoo Finance reported on the decline of the Trump meme coins, the White House unveiled its plans for a new strategic bitcoin reserve as well as a U.S. digital asset stockpile.

Trump establishes new Strategic Bitcoin Reserve

"Today, President Donald J. Trump signed an Executive Order to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, positioning the United States as a leader among nations in government digital asset strategy," a press release read.

"The Strategic Bitcoin Reserve will be capitalized with bitcoin owned by the Department of Treasury that was forfeited as part of criminal or civil asset forfeiture proceedings," it continued.

"Other agencies will evaluate their legal authority to transfer any bitcoin owned by those agencies to the Strategic Bitcoin Reserve," the statement explained.

It further specified that the federal government "will not sell bitcoin deposited into this Strategic Bitcoin Reserve, which will be maintained as a store of reserve assets."

Business expert says more focus needed on energy concerns

Meanwhile, Friday saw Trump host the White House's first ever Crypto Summit which featured lawmakers, cabinet members, and crypto company executives.

Although the summit covered various regulatory matters related to cryptocurrency, Cornerstone Group International managing partner Chet Love argued that there was an important matter which went unaddressed.

"A recent study revealed that Bitcoin — just a single cryptocurrency — consumes nearly 175 terawatt hours per year," he noted in an op-ed piece published by Fox Business.

"Energy efficiency efforts can help offset some of these needs, but they won’t be enough. Regardless, America will need more energy — and fast," he stressed.