Trump's new meme coin soars on his first day in office

21/1/2025 12:34

U.S. President Donald Trump's new crypto token soared to more than $10 billion in market value on Monday, while enthusiasm over his crypto-friendly administration helped briefly lift bitcoin to a new record.



Launched Friday night, Trump's so-called "memecoin" surged from less than $10 on Saturday morning to as high as $74.59 before giving up some of its gains on Monday. The token, branded $TRUMP and criticized by ethics experts, was last trading at $33.88, according to cryptocurrency price tracker CoinGecko.

World Liberty Financial, a separate Trump-linked crypto project, also announced on Monday that it had completed an initial token sale, raising $300 million, and would look to issue additional tokens. The expansion of Trump's crypto interests comes as his administration is widely expected to usher in a "golden age" for cryptocurrencies, in stark contrast to the regulatory scrutiny the industry experienced under former President Joe Biden.