Trump Memecoins Soar as He Promises a New 'Golden Age' for Crypto

The crypto project connected to President Donald Trump, World Liberty Financial, raised $300 million in token sales, the company said on Monday, as a new Trump memecoin also soared to more than $10 billion in market value as Trump took office for his second term.

A crypto project connected to President Donald Trump has raised $300 million in token sales, the company said on Monday, as a new Trump memecoin also soared to more than $10 billion in market value as Trump took office for his second term.

The boom in Trump-related crypto ventures comes as he promises to usher in a new “golden age” for cryptocurrencies, in stark contrast to the regulatory scrutiny of the industry the Biden administration enforced.

World Liberty Financial (WLF), promoted and formed by Trump, his sons, and Trump’s new special envoy to the Middle East, Steve Witkoff, launched two months before the U.S. election.

Trump's new memecoin, branded $TRUMP, was launched Friday night during the first-ever Crypto Ball in Washington, D.C., in conjunction with festivities for the inauguration. The coin surged on Monday from less than $10 on Saturday morning to as high as $74.59 before giving up some of its huge rise on Monday. The new coin expands his cryptocurrency interests beyond WLF.

Melania Trump also launched her own coin, $MELANIA, on Sunday. Its rally pushed its market cap well beyond $1 billion.

Four-fifths of Trump coin’s tokens are owned by CIC Digital, an affiliate of Trump’s business, and another entity called Fight, Fight, Fight, according to its website. It says the coins are “an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol ‘$TRUMP’” and are not an investment or security.

The launch of WLF just two months before November’s U.S. election caused concern over ethics and conflicts of interest. The launch of the memecoin Friday night also raised red flags, even among those in the cryptocurrency industry.

“While it’s tempting to dismiss this as just another Trump spectacle, the launch of the official Trump token opens up a Pandora’s box of ethical and regulatory questions,” said Justin D’Anethan, an independent crypto analyst based in Hong Kong.

Cryptocurrency lawyer Preston Byrne published a blog post on Sunday in which he predicted a 90% probability of a civil lawsuit opposing the coin within the next 14 days.

“Someone will lose money, some lawyer will come up with a theory and file,” Byrne wrote. “The memecoin launch is, from a purely political perspective, an enormous unforced error.”

The Trump Organization said this month the president would hand daily management of his multi-billion-dollar real estate, hotel, golf, media and licensing portfolio to his children when he entered the White House.