Donald Trump and his wife Melania’s new memecoins ignited criticism from crypto executives who were expecting the digital-asset sector to be treated seriously by the Republican’s incoming US administration.

Memecoins have long traded in crypto markets, with Dogecoin perhaps the best-known example. Launched as a joke, the crypto has exploded in popularity over the years, with its price often riding on the whims of its backers — the best known of which is Elon Musk.

The token launch is a big positive for crypto builders in the U.S. following the Biden administration crackdown on digital assets, the report said.

A digital token debuted by President-elect Donald Trump has rattled the cryptocurrency market, attracting billions of dollars of trading volume while stoking concerns about conflicts of interest.

Days ahead of Trump's inauguration as President of the United States, scheduled for Monday, Jan. 20, Trump launched the $TRUMP memecoin on crypto platform Solana. The President-elect posted the news from his official X account, making it as official as can be.

Google search trends for “buy crypto” and “buy Solana” have soared following the launch of the Official Trump (TRUMP) memecoin.

Did Donald Trump betray the Bitcoin community after he launched his own official memecoin, $TRUMP? Some Bitcoiners are speaking out against the development, calling it a "mockery" of the world's largest cryptocurrency.