The cryptocurrency community has raised concerns after President US Donald Trump announced a personal memecoin on social media during the “Crypto Ball,” event before his inauguration.

Memecoins, often starting as jokes, are known for price fluctuations.

Trump’s coin surged to U$70 but fell to US$45 after a similar coin launched by First Lady Melania Trump, which peaked briefly before falling to US4.

Experts are concerned that these unregulated coins may hurt Trump’s credibility, especially as his administration has pledged to create a more welcoming regulatory environment for crypto.

The sale of Trump’s memecoin is being managed by CIC Digital, linked to the Trump Organization.

A total of one billion coins are expected to be issued over the next three years.