The UDN report contrasts substantial gains from the family's crypto businesses with steep paper losses among memecoin holders who bought near the highs.

Memecoins carry no underlying business or cash flow, running on buzz alone; critics have long noted the asymmetric payoff between issuers and early holders versus late buyers.

Coins tied to powerful figures and their families also raise conflict-of-interest questions, fueling calls for tighter rules in the U.S. and beyond.

With celebrity-coin manias recurring among Asian retail investors too, the risk structure of buzz assets is hardly someone else's problem.

Investment decisions rest with each individual; this paper recommends no particular asset.