One of the most powerful hedge funds on Wall Street has reportedly criticized the Trump administration for helping drive a frenzy around cryptocurrencies that could ultimately harm investors.

Elliott Management wrote that White House policy is fueling a speculative crypto bubble that will eventually "wreak havoc."

The launch of $TRUMP and $MELANIA crypto coins has disappointed some in the crypto industry, who fear they amplify the sector’s sillier and scammier side.

Indeed, the traders most affected by the erosion of the token’s value remain first-time investors. “These are largely new retail buyers,” said the blockchain analytics firm

Meme coins have always been divisive, but Trump and Melania’s entry into the space seems to be pushing some retail investors over the edge. A recent Stocktwits poll reveals that 31% of retail investors feel that the creation of these meme coins is driving their dislike for the crypto market,