The crypto community is split over Donald Trump’s launch of the $TRUMP memecoin and First Lady Melania Trump’s $MELANIA token. Now, Changpeng Zhao (CZ), the

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.

Two days after Donald Trump launched a memecoin that soared to $6.5 billion overnight, Melania Trump announced her own memecoin, adding to concerns the pro-crypto president is crossing ethical boundaries in an industry his administration will regulate.

There’s Donald Trump the crypto champion, promising to unshackle an industry hit by a years-long regulatory crackdown. Then there’s Trump the memecoin, which created billions of dollars of instant paper wealth but earned sharp rebukes even from the industry that stands to gain perhaps the most from his presidency.

The launch of $TRUMP and $MELANIA crypto coins has disappointed some in the crypto industry, who fear they amplify the sector’s sillier and scammier side.

The Trump family's new crypto meme coins are an ethical disaster and ripe for corruption - and they could cost his supporters dearly

Trump’s memecoin launch created billions in new wealth but didn’t generate substantial capital inflows into the crypto market. The token attracted 400,000 new crypto users,