Donald Trump’s namesake memecoin has likely generated at least $11.4 million in fees for entities linked to the president since its launch just before his second inauguration, according to an analysis by the crypto risk modeling firm Gauntlet.

Memecoins have long traded in crypto markets, with Dogecoin perhaps the best-known example. Launched as a joke, the crypto has exploded in popularity over the years, with its price often riding on the whims of its backers — the best known of which is Elon Musk.

The crypto industry has high hopes that United States President-elect Donald Trump will bolster crypto adoption both in the US and globally. However, only time will tell if his newly launched Solana-based memecoin is a step in the right direction.

The crypto community is split over Donald Trump’s launch of the $TRUMP memecoin and First Lady Melania Trump’s $MELANIA token. Now, Changpeng Zhao (CZ), the