Meme coins have gained attention this year, but some investors have been skeptical of the asset class at large and what it says about the current state of the investing environment.

"These things have no intrinsic value. They’re just barometers of how much liquidity is out there, how much speculative frenzy is out there," Carson Block, founder and chief investment officer of Muddy Waters Capital, said in an interview with Yahoo Finance last week. "Right now, all the signals are reading there’s a lot."

Meme tokens are cryptocurrencies often inspired by internet memes, artwork, or pop culture. Hundreds of these tokens exist. Popular ones include dogecoin ( DOGE-USD ) and Shiba Inu ( SHIB ), both of which include pictures of dogs.

Greenlight Capital founder David Einhorn reportedly warned against meme coin hype in a recent letter, noting that "we have reached the 'Fartcoin' stage of the market cycle." He was referring to a meme coin with the same name.

"To short something that’s in the midst of a speculative frenzy is a really bad idea," Block added.

"When it’s untethered from reality, it can become further untethered from reality before it becomes tethered to reality. So I wouldn’t touch those."

And a recent entrant into the meme coin frenzy is the president of the United States himself. Just days before his inauguration earlier this month, President Donald Trump launched a meme token — which trades under the ticker TRUMP-OFFICIAL USD . The coin surged in value after its release, and its market cap currently stands above $5 billion.

The first lady, Melania Trump, launched a similar Melania meme coin ( MELANIA-OFFICIAL-USD ), which launched the day before the president took office. This coin rose to a high of almost $5 before falling to around $2.30.

In an interview with Yahoo Finance earlier this month at the World Economic Forum in Davos, Switzerland , Skybridge Capital founder Anthony Scaramucci said that retail investors could be left "holding the bag" on both Trump coins amid volatile swings in value. Scaramucci was a former White House communications director during Trump's first term.

A disclosure at the bottom of both the Trump and Melania coin websites states they "are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type."

When asked by a reporter about the token last week, Trump responded, "I don’t know much about it other than I launched it. I heard it was very successful. I haven’t checked it — where is it today?"