US President Donald Trump’s new cryptocurrency, memecoin, has seen impressive gains since its launch. The crypto token, introduced by World Liberty Financial on Friday night, initially stood below $10 on Saturday morning. However, it surged to $74.59 before settling at $33.88 by the end of the day.
On Monday, World Liberty Financial announced it had raised $300 million through an initial token sale. The company revealed plans to issue additional tokens in the future. This growth in Trump’s crypto venture comes as his administration is expected to usher in a “golden age” for cryptocurrencies, according to Reuters.
Meanwhile, Bitcoin, the world’s largest cryptocurrency, reached a new record of $109,071 on Monday during Trump’s inauguration as the 47th US President. However, it later dropped to $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,” said Grzegorz Drozdz, a market analyst at Conotoxia Ltd, in a statement.
Trump was sworn in for a second term in a historic ceremony at the U.S. Capitol. In his oath, 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 attracted hundreds of dignitaries, including former presidents and international leaders. The event marked a new chapter in Republican control over the federal government, with the party set to implement key changes in various sectors. Trump, now 78, wasted no time in signing executive orders on a range of issues, including gender recognition and immigration reforms.
