A digital token debuted by President-elect Donald Trump has rattled the cryptocurrency market, attracting billions of dollars of trading volume while stoking concerns about conflicts of interest.

Before being sworn into office, Donald Trump kept the crypto world in suspense with the soaring price of his Memecoin. Then Melania also launched her coin.

The token launch is a big positive for crypto builders in the U.S. following the Biden administration crackdown on digital assets, the report said.