Meme coins plummeted over the weekend as President Donald Trump signed new tariffs, kicking off a trade war that caused investors to dump risk assets.

The capital is embracing the crypto crowd with President Trump’s return to office, marking a reversal of the Biden administration’s legal pursuit of companies such as FTX.

CIC Digital, a company owned by Trump, is one of the entities behind the coin. Its official website states that CIC Digital will receive trading revenue from the meme coin's activities. The exact portion of fees that may have gone to Trump personally, or the ownership details of the other entities involved, remain unclear.