The Official Trump cryptocurrency is seeing substantial sell-offs today. The cryptocurrency's token price was down 17.8% over the previous 24 hours of trading as of 5:15 p.m. ET Wednesday.

Trump Official is a meme coin that was launched by President Trump last Friday. While the coin saw an explosive valuation out of the gate, it's been volatile in subsequent trading -- and it's seeing a valuation pullback today as investors weigh its implications for the cryptocurrency space.

Late last Friday night, Trump published a message on social media announcing the launch of Trump Official, which trades under the "TRUMP" crypto ticker symbol. Trump's wife Melania announced the Official Melania Meme coin just two days later.

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Source Fool.com