Public Citizen, a consumer advocacy organization, has called for a federal investigation into whether U.S. President Donald Trump had violated laws around gift solicitation by promoting a meme coin.

It includes an image of him raising his fist in the air and the words "fight, fight, fight" — a reference to his reaction after an assassination attempt last July. The token is marketed as "a piece of history," with Trump described as "the crypto president."

Donald Trump’s meme coin, TRUMP, has lost 75% of its value despite the former president’s enthusiastic promotion. According to CoinDesk,

Now that there's both Official Trump (with the ticker TRUMP) and Official Melania Meme (with the ticker MELANIA) meme coins, both of which were launched recently on the Solana blockchain, people might be wondering which of the pair is the better bet.

Trump’s meme coin, $TRUMP, and Melania Trump’s coin, $MELANIA, plunged as the news agitated markets worldwide, according to Axios. $TRUMP — unveiled days before his inauguration — saw its value drop by 18% just over the last day. It's now down to $17.50 per token, compared to a peak of $72.62 the day before his swearing-in.