The memecoins launched by President Donald Trump and his wife days before his inauguration are damaging the industry’s reputation and risk a backlash from investors, crypto executives have warned.
$TRUMP was launched by the president on Friday evening in the US and was followed on Sunday by $MELANIA. The total nominal value of both tokens initially surged over the weekend, with the president’s reaching $14.5bn and Melania’s hitting nearly $3bn.
But they have since lost more than half of their value, leading to accusations of conflicts of interest and concerns that thousands of retail investors were sucked in to trading tokens even more volatile than bitcoin.
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