When Donald Trump's companies released a celebrity meme coin just ahead of the presidential inauguration, it set a new standard for instant hype in a cryptocurrency launch, based on fresh research from a blockchain tax startup.

But by associating himself so closely with meme coins, some crypto fans worry that Trump hurts his ability to enact reforms

President Donald Trump promised crypto investors he’d usher in an era of legitimacy for an industry that’s long been relegated to the financial wilderness — dismissed by some mainstream investors as an highly speculative bet at best or an elaborate Ponzi scheme at worst.