Industry players worry the success of the president’s meme coin will undermine the credibility they have worked hard to cultivate.

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.

Donald Trump launched $TRUMP cryptocurrency, a meme coin, days before his inauguration. It quickly reached over $32 billion in value. Melania has now launched her own.