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.

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.

President Donald Trump has spoken out about his TRUMP memecoin which was launched three days ahead of his inauguration.