On the eve of his second inauguration, Donald Trump did something no U.S. president had ever done: He launched a meme coin. The cryptocurrency — whose value hinges more on hype than utility — surged to an all-time high of $75.35 a token. The next day, First Lady Melania Trump dropped her own meme coin, debuting at about $13 a share.

Both coins have since tumbled, but on Wednesday Trump’s token briefly bumped up again to $15.47 before dipping. The latest surge came after the coin’s official website announced that 220 top meme coin holders will be invited to a gala dinner with the president in May — black tie optional.

These tokens, that are not tied to any real world assets, have proven lucrative for Trump and his family. Last month, the Financial Times estimated Trump made upwards of $350 million from the project. While small traders have lost big, the Trump Organization and its affiliates —........

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