President Donald Trump’s cryptocurrency, called $Trump, has cost investors billions. Trump announced the launch of his meme coin—a type of cryptocurrency that features Internet memes or celebrity mascots—just three days before his inauguration.

Trump’s $TRUMP meme coin launch has led to 700+ fake copycat tokens, insider trading suspicions, and ethical concerns.

A progressive watchdog group is calling for an investigation into whether President Donald Trump’s promotion of a meme coin violated federal law. In a complaint filed on Wednesday, Public Citizen asked the Department of Justice and the Office of Government Ethics to look into Trump’s repost on X in January of a cryptocurrency coin that

Speculative meme coin funds will test the Securities and Exchange Commission’s boundaries under President Trump.

Trump’s meme coin, $TRUMP, and Melania Trump’s coin, $MELANIA, plunged as the news agitated markets worldwide, according to Axios. $TRUMP — unveiled days before his inauguration — saw its value drop by 18% just over the last day. It's now down to $17.50 per token, compared to a peak of $72.62 the day before his swearing-in.

Public Citizen, a consumer advocacy organization, has called for a federal investigation into whether U.S. President Donald Trump had violated laws around gift solicitation by promoting a meme coin.