The price swings highlighted the volatility of meme coin trading, which several crypto executives have warned could push people away from cryptocurrencies.

President Donald Trump’s goodwill in the cryptocurrency industry has taken a hit after he and his wife launched meme coins — a move critics say looks like an unseemly cash grab that undermines an effort to legitimize digital assets.

Industry players worry the success of the president’s meme coin will undermine the credibility they have worked hard to cultivate.