"The reign of terror against crypto is over, and the beginning of innovation in America for crypto has just begun," Sacks said, speaking on Friday at the so-called crypto ball event, intended to drive support for Trump among the crypto community and demonstrate its value to the incoming administration.

The tokens, which warns it is not intended to be an “investment opportunity, investment contract, or security of any type’ traded as high as $US75.35.

President-elect Donald Trump’s new cryptocurrency became the second-largest meme coin by market cap over the weekend, creating a potential windfall worth billions for his family company. The Trump memecoin had a market value of $14.

President-elect Donald Trump has launched a new cryptocurrency token that’s soaring in value and potentially boosting his net worth

In tuxedos and floor-length gowns, crypto executives and adherents spilled through the Andrew W. Mellon Auditorium in Washington on Friday, ready to toast the inauguration of Donald J. Trump — a leader who promises to become the most crypto-friendly US president.

A president-elect launching a new business product is a highly unusual move, and it is a major concern for ethics watchdogs.

President-elect Donald Trump promised a crypto-friendly administration. Days before taking office a second time, he began selling a new cryptocurrency. Named $TRUMP, the project is a meme coin, a type of crypto whose value is based largely on the popularity of internet memes.