Donald Trump’s Solana-based memecoin, launched on January 17, has already reached a market cap of $26.7 billion at the time of publication. However, industry experts remain uncertain about its long-term impact on the crypto industry.

A president-elect launching a new business product is a highly unusual move, and it is a major concern for ethics watchdogs.

A late-night social media announcement from the incoming president became one of the largest cryptocurrencies in hours.