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.

As Trump is sworn back into office on Monday, $TRUMP topped the market cap, bringing along optimism for the cryptocurrency industry.

Meme coins are among the wilder and more unregulated corners of the crypto universe. They often start as a joke with no real value but can surge in price if enough people are will