$TRUMP It is very likely that there will be a drop afterwards,” says crypto analyst Noelle Acheson, former of the cryptocurrency brokerage Genesis.

Even when the price of TRUMP rose following the announcement, sophisticated cryptocurrency investors with a track record of profitability—the so-called smart money traders—sold their holdings in the coin, according to Nansen. “Smart money is not interested in the TRUMP token, I can assure you,” says Nicolai Søndergaard, research analyst at Nansen.

When Trump first announced his memecoin, days before the inauguration, critics accused the incoming president of embarking on a money grab at the expense of his usual supporters. Others worried that the coin could act as a vector for bribery; by investing large sums in the coin, raising its price, politically motivated actors could theoretically win the favor of the president covertly.