What Are Memecoins and Why Did Trump Launch One?: QuickTake

Memecoins are cryptocurrencies that begin with an internet meme or a joke. Speculative and volatile, they are held up by skeptics as proof that crypto will never compete with traditional finance.

So when Donald Trump and his family launched two memecoins to mark his return to the White House, some crypto executives suggested it would do their industry more harm than good.

Trump has promised to be a “pro-Bitcoin president,” in a reference to the most successful cryptocurrency. The crypto industry poured money into his re-election campaign in the hope that he’ll end a regulatory crackdown that’s held back investment ...