Memecoins started as a fad. A niche but fun way to bet on the longevity of internet trends. But then, days before his second inauguration, Donald Trump launched his own, $TRUMP… and changed the game. The value soared as supporters piled in, before crashing when his wife, Melania Trump, also released one. Amid the mayhem, one early buyer of the coin walked away with $109 million.

The path to finding out who profited from $TRUMP goes through Argentina, where a young and naive entrepreneur called Hayden Davis attempted to pull off a similar stunt with the backing of the nation’s libertarian president, Javier Milei. But while Trump seemed to get away with it, Davis is now facing calls to be arrested.

This episode offers a rare glimpse into a murky world full of get-rich-quick schemes, flashy personalities and cut-throat deals. It also carries a warning: what happens when unregulated crypto assets become a core part of the US economy?

Reporter: Patricia Clarke and Barney Macintyre

Producer: Patricia Clarke

Sound design: Dominic Delargy

Artwork: Lola Williams

Editors: Jasper Corbett and Ceri Thomas

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