In the previous crypto bull market cycle, both Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) were standout performers. They skyrocketed in price in a remarkably short period of time and helped to popularize the idea of investing in meme coins.

It includes an image of him raising his fist in the air and the words "fight, fight, fight" — a reference to his reaction after an assassination attempt last July. The token is marketed as "a piece of history," with Trump described as "the crypto president."

Meme coins are cryptocurrencies inspired by internet trends or jokes. They have no intrinsic value. They’re worth what someone else is willing to pay — and in some cases, that can be a lot. This year,

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.