Kate Leinbaugh

But while they were partying, Trump, the champion of the crypto industry, was making a surprise move.

The president-elect had just launched his own coin. And this move would roil the crypto community. Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Thursday, January 23rd. Coming up on the show, why Trump's cryptocurrency has shaken the crypto world.

The president-elect had just launched his own coin. And this move would roil the crypto community. Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Thursday, January 23rd. Coming up on the show, why Trump's cryptocurrency has shaken the crypto world.

The president-elect had just launched his own coin. And this move would roil the crypto community. Welcome to The Journal, our show about money, business, and power. I'm Kate Linebaugh. It's Thursday, January 23rd. Coming up on the show, why Trump's cryptocurrency has shaken the crypto world.

The coin that Trump launched last Friday wasn't just any kind of cryptocurrency. It's what's known in the crypto community as a meme coin. What is a meme coin?

The coin that Trump launched last Friday wasn't just any kind of cryptocurrency. It's what's known in the crypto community as a meme coin. What is a meme coin?

The coin that Trump launched last Friday wasn't just any kind of cryptocurrency. It's what's known in the crypto community as a meme coin. What is a meme coin?

Like little, like viral internet thingamajiggers. Nuggets, yes. How many of these meme coins have you seen in the past few years?

Like little, like viral internet thingamajiggers. Nuggets, yes. How many of these meme coins have you seen in the past few years?

Like little, like viral internet thingamajiggers. Nuggets, yes. How many of these meme coins have you seen in the past few years?

According to Vicky, the most popular usually feature dogs.

According to Vicky, the most popular usually feature dogs.

According to Vicky, the most popular usually feature dogs.

In its heyday in 2021, Dogecoin was worth over $80 billion. Unsurprisingly, it spawned many imitators.

In its heyday in 2021, Dogecoin was worth over $80 billion. Unsurprisingly, it spawned many imitators.

In its heyday in 2021, Dogecoin was worth over $80 billion. Unsurprisingly, it spawned many imitators.

And as a serious reporter for the Wall Street Journal, You're covering these things. It's a fun job.

And as a serious reporter for the Wall Street Journal, You're covering these things. It's a fun job.

And as a serious reporter for the Wall Street Journal, You're covering these things. It's a fun job.

Because they're so popular and easy to make, meme coins have also become a vehicle for scams. One of these scams is sometimes called a rug pull. Basically, someone launches a new coin, they hype it up, convince other people to buy it, and then they sell, raking in the profits and tanking the coin price for everyone else. All of which is to say, meme coins don't have the greatest reputation.