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.

Before being sworn into office, Donald Trump kept the crypto world in suspense with the soaring price of his Memecoin. Then Melania also launched her coin.

In the days leading up to President Trump's inauguration, he and his family launched a new memecoin, much to the concern of some in the crypto industry.