The coin – officially called $Trump – briefly ascended into the top 15 cryptocurrencies by market capitalization and attracted over a half-million buyers.

Trump's crypto tokens are raising ethical and geopolitical concerns--and are worrying even Trump's staunchest pro-crypto supporters

Indeed, the traders most affected by the erosion of the token’s value remain first-time investors. “These are largely new retail buyers,” said the blockchain analytics firm

Meme coins have always been divisive, but Trump and Melania’s entry into the space seems to be pushing some retail investors over the edge. A recent Stocktwits poll reveals that 31% of retail investors feel that the creation of these meme coins is driving their dislike for the crypto market,