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.

The launch of the Trump token, which hit a $15 billion valuation, rides the trend and raises questions. Axios reporter Brady Dale explains what a meme coin is and what owners can actually do with them.

The Official Trump (TRUMP.X) token – created by CIC Digital LLC, a subsidiary of the Trump Organization – fell more than 6% in the past 24 hours despite efforts to boost its adoption. Several websites selling Trump-branded products have started to accept the Trump memecoin for payment,

Trump supporters can now buy Trump-branded watches, sneakers, and colognes using the official Trump memecoin, as of January 29. Multiple online stores licensing Trump’s name—GetTrumpWatches.com, GetTrumpFragrances.