President Donald Trump introduced his cryptocurrency just before his inauguration, the TRUMP coin, built on the Solana blockchain. Initially priced at around $3 per to

The driving force behind meme coins and why the launch of Donald and Melania Trump meme tokens sparked an outcry.

The launch of $TRUMP and $MELANIA crypto coins has disappointed some in the crypto industry, who fear they amplify the sector’s sillier and scammier side.

Crypto analysts report 6,800 fraudulent tokens and 91 fake dApps since $TRUMP made its $72 billion debut, as reported by Crypto News. The coin, which President Trump admitted himself that he “didn’t know much about,” was launched to great success, achieving a market cap of $72 billion 48 hours before its launch.

The launch of President Trump's meme token was met with mixed reactions among the crypto community. On one hand, Trump allied with crypto backers on the campaign trail, promising to cut back on legal challenges brought against crypto businesses and promote innovation in the United States.

Entities behind President Donald Trump's crypto coin have accumulated close to $100 million in trading fees in less than two weeks, according to estimates from three blockchain analysis firms, a large windfall from a venture that has seen tens of thousands of small traders lose money.