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.

Before being sworn into office, Donald Trump kept the crypto world in suspense with the soaring price of his Memecoin. Then Melania also launched her coin.

An unofficial memecoin named after Trump's youngest son Barron reached a $460M market cap then crashed when no evidence was provided.