Donald Trump's meme coin soars on his first day in office, lifts up other cryptocurrencies

US President Donald Trump's new crypto token, $TRUMP touched more than $10 billion in market value on Monday, January 21, 2025. However, the optimism surrounding his re-election towards the crypto market has also resulted in other cryptocurrencies soaring. Bitcoin, for instance, hit a new record high.

This is in sharp contrast to the regulatory scrutiny the crypto industry faced under the presidency of Joe Biden. Trump's new meme coin was launched on Friday night and surged from less than $10 on Saturday morning to as much as $74.59 before giving up some of its gains on Monday. It is currently trading at $33.69 a piece on Coin Gecko. This is down 31.2% from the previous day.