The memecoins launched by President Donald Trump and his wife Melania Trump are damaging the industry’s reputation and risk a backlash from investors. Nikou Asgari, Arjun Neil Alim, and Stephen Morris of The Financial Times reports, citing crypto executives. $TRUMP launched on Friday evening followed by $MELANIA on Sunday. The total nominal value of both tokens originally surged, with the president’s reaching $14.5B and Melania’s hitting nearly $3B. However, they have since lost more than half their value, which has led to accusations of conflicts of interest and concerns retail investors were sucked into trading tokens more volatile than bitcoin (BTC). Publicly traded companies in the cryptocurrency space include Bit Digital (BTBT), Bitfarms (BITF), Coinbase (COIN), Core Scientific (CORZ), Greenidge Generation (GREE), Mara Holdings (MARA), MicroStrategy (MSTR), Riot Platforms (RIOT), Stronghold Digital Mining (SDIG) and TeraWulf (WULF).
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