US President Donald Trump has tied his official memecoin to merchandise, allowing holders to purchase sneakers, watches and fragrances with the Official Trump (TRUMP) token. The move shows the expanding crypto footprint of the 47th president of the United States,

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.

Two days after Donald Trump launched a memecoin that soared to $6.5 billion overnight, Melania Trump announced her own memecoin, adding to concerns the pro-crypto president is crossing ethical boundaries in an industry his administration will regulate.

The launch of the Trump token, which hit a $15 billion valuation, rides the trend and raises questions. Axios reporter Brady Dale explains what a meme coin is and what owners can actually do with them.

The Official Trump (TRUMP.X) token – created by CIC Digital LLC, a subsidiary of the Trump Organization – fell more than 6% in the past 24 hours despite efforts to boost its adoption. Several websites selling Trump-branded products have started to accept the Trump memecoin for payment,

Trump supporters can now buy Trump-branded watches, sneakers, and colognes using the official Trump memecoin, as of January 29. Multiple online stores licensing Trump’s name—GetTrumpWatches.com, GetTrumpFragrances.