A progressive watchdog group is calling for an investigation into whether President Donald Trump’s promotion of a meme coin violated federal law. In a complaint filed on Wednesday, Public Citizen asked the Department of Justice and the Office of Government Ethics to look into Trump’s repost on X in January of a cryptocurrency coin that

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.

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

Entities behind President Donald Trump’s crypto coin have accumulated close to $100 million in trading fees in less than two weeks, according to estimates from three blockchain analysis firms, a large windfall from a venture that has seen tens of thousands of small traders lose money.

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.

Meme coins plummeted over the weekend as President Donald Trump signed long-threatened tariffs on Mexico, Canada and China, kicking off a trade war that caused investors to dump risk assets worldwide.

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.

But meme coins are suddenly more serious. Spurred on by Donald Trump's new embrace of cryptocurrency, meme coins are attracting more fans and fresh scrutiny. Days before he took office for a second term,