NEW YORK – US President Donald Trump’s new cryptocurrency, memecoin, has recorded massive gains as his administration has promised crypto-friendly policies.
The crypto token was launched Friday night by World Liberty Financial and it stood at below $10 on Saturday morning. However, it reaches as high as $74.59 before it was last traded at $33.88.
The World Liberty Financial announced on Monday that it had raised $300 million by completing an initial token sale, adding that it aims at issuing additional tokens.
The expansion of Trump’s crypto interests comes as his administration is widely expected to usher in a “golden age” for cryptocurrencies, Reuters reported.
Meanwhile, Bitcoin, the world’s largest cryptocurrency, reached a new record of $109,071 on Monday when Trump was sworn-in as the 47th US President, but later registered losses and was last trading at $101,867.40.
“The cryptocurrency market gained additional popularity in recent hours due to the launch of the TRUMP and MELANIA cryptocurrencies just before the inauguration,” told Grzegorz Drozdz, market analyst at Conotoxia Ltd, to media in a statement.
Donald Trump took the oath Monday as President for a second time in a historic ceremony inside U.S. Capitol.
In the ceremony, Trump said “I do solemnly swear that I will faithfully execute the Office of President of US, and will to the best of my ability, preserve, protect and defend the Constitution”.
The inauguration ceremony remained in limelight as it was dubbed as new beginning of Republican control over the federal government, with the party poised to reshape key policies and institutions. Hundreds of people including former presidents, and senators are attending the service.
Bill, Hillary Clinton, Barack Obama, George Bush, Vice President of China, Argentine President Javier Milei, and Italian Prime Minister Giorgia Meloni graced the event.
Trump, 78, is now holding unified control of Washington, as new administration is set to implement significant changes across various sectors. Trump wasted no time signing executive orders, including one recognizing only two genders and a series of immigration reforms aimed at ending asylum access, deploying troops to the southern border, and eliminating birthright citizenship.
