Cryptocurrency prices took a hit from the prospect of a trade war between the U.S. and its major trading partners, with some well-known digital assets and President Donald Trump's own meme coin taking big hits.

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 capital is embracing the crypto crowd with President Trump’s return to office, marking a reversal of the Biden administration’s legal pursuit of companies such as FTX.