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.

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.

Trump announced the launch of his meme coin, $TRUMP, in a Truth Social post late Friday, saying the cryptocurrency is celebrating “WINNING” the presidential election and his upcoming inauguration. The price of $TRUMP rapidly rose by more than 300% by Saturday morning,

A digital token debuted by President-elect Donald Trump has rattled the cryptocurrency market, attracting billions of dollars of trading volume while stoking concerns about conflicts of interest.

The hype around Donald Trump’s new meme coin stunned the market when it soared to $36 per token, reaching a market cap of about $7.18 billion. Currently at about $65, this coin has done 200% just today.

As he prepares to be sworn in, Donald Trump's cryptocurrency $TRUMP has skyrocketed in market value since its launch on Friday.