Just before assuming office as the 47th president of the United States, Donald Trump introduced his meme coin – $Trump. The digital token attracted lots of attention, and a couple of days after its launch the combined value of the coins was nearly US$8.5 billion (£6.9 billion).

But the launch of the so-called meme-coin - a cryptocurrency with no utility other than for fun or speculation - has been widely criticised by industry insiders. "Trump's comments about not knowing much about the coin back up my opinion that he is making a mockery of the industry. It's a stunt," says Danny Scott, CEO of CoinCorner.

The incidents around Donald Trump's curated meme-coin have left the entire crypto community flabbergasted, with many claiming that this is one big bluff that the new US President may have pulled on US crypto investors.