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.

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.

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.