A stark departure from his predecessor, Trump vows to usher in a ‘golden age’ for crypto. A crypto project connected to United States President Donald Trump, World Liberty Financial (WLF), raised $1 billion in token sales. A new Trump meme coin also shot up over $10 billion in market value as Trump entered his second term in office.
WLF announced its move on Monday, which also happened to be the day President Trump took office. Trump’s related crypto boom coincides with his promises to bring in a “golden age” for cryptocurrencies, in sharp contrast to the regulatory scrutiny the industry received during former President Joe Biden’s tenure.
WLF was promoted and formed by Trump, his sons, and Trump’s new special envoy to the Middle East, Steve Witkoff, launched two months before the US election.
In conjunction with inauguration festivities, Trump’s new meme coin, branded $TRUMP, was launched on Friday night during the first-ever Crypto Ball in Washington, DC. 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.
The new coin expanded Trump’s cryptocurrency interests beyond WLF. Melania Trump launched her coin, $MELANIA, on Sunday. Its market cap has risen well beyond $1 billion.
According to its website, four-fifths of Trump coin’s tokens are owned by an affiliate of the former president’s business, CIC Digital, and Fight, Fight, Fight, another entity. The coins are “an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol’ $TRUMP,'” the firm says, adding that the product is not an investment or security.
