The coin – officially called $Trump – briefly ascended into the top 15 cryptocurrencies by market capitalization and attracted over a half-million buyers.

Speculative meme coin funds will test the Securities and Exchange Commission’s boundaries under President Trump.

The launch of the Trump token, which hit a $15 billion valuation, rides the trend and raises questions. Axios reporter Brady Dale explains what a meme coin is and what owners can actually do with them.

Meme coins have evolved from internet jokes into multi-billion dollar assets, attracting everyone from casual investors to major financial institutions and the sitting U.S. President. Once playful parodies,

Indeed, the traders most affected by the erosion of the token’s value remain first-time investors. “These are largely new retail buyers,” said the blockchain analytics firm

Meme coins have always been divisive, but Trump and Melania’s entry into the space seems to be pushing some retail investors over the edge. A recent Stocktwits poll reveals that 31% of retail investors feel that the creation of these meme coins is driving their dislike for the crypto market,