Trump's new meme coin soars on his first day in office, lifts other tokens
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 $32.64, 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.
Bitcoin, the world's largest cryptocurrency, hit a new record of $109,071 on inauguration day when Trump was sworn-in as the 47th U.S. President, but later pared those gains and was last trading at $103,017.68.
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