Cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners, with some well-known digital assets and President Donald Trump's own meme coin taking big hits.

The launch of $TRUMP and $MELANIA crypto coins has disappointed some in the crypto industry, who fear they amplify the sector’s sillier and scammier side.

Ivanka Trump, President Trump’s eldest daughter, warned Thursday that a cryptocurrency token bearing her name is fake. “It has come to my attention that a fake crypto coin called ‘Ivanka

First Lady Melania Trump launched her own meme-coin on the eve of the inauguration, which now has a value of $700m since slumping from $13 a coin to $2.70. But many meme-coins have led to big losses for people investing in them.

Donald Trump’s launch of his meme coin — coupled with low public understanding of crypto assets — could lead to financial losses from risky and speculative investments.

Crypto analysts report 6,800 fraudulent tokens and 91 fake dApps since $TRUMP made its $72 billion debut, as reported by Crypto News. The coin, which President Trump admitted himself that he “didn’t know much about,” was launched to great success, achieving a market cap of $72 billion 48 hours before its launch.

President Donald Trump introduced his cryptocurrency just before his inauguration, the TRUMP coin, built on the Solana blockchain. Initially priced at around $3 per to

The launch of President Trump's meme token was met with mixed reactions among the crypto community. On one hand, Trump allied with crypto backers on the campaign trail, promising to cut back on legal challenges brought against crypto businesses and promote innovation in the United States.