US President Donald Trump’s new cryptocurrency soared above $10 billion in market value on his first day of his presidency on Monday jan 20. while enthusiasm for his pro-crypto administration helped push bitcoin briefly to a new record high.

Trump’s so-called “meme coin” launched on Friday night, rising from less than $10 on Saturday morning to $74.59 before giving up some of its gains on Monday.

“Meme coins” are digital currencies often inspired by memes and jokes on the internet.

The token, branded with the “Trump” brand and criticized by ethics experts, was last trading at $33.88, according to cryptocurrency price tracker CoinGecko.

World Liberty Financial, a separate crypto project linked to Trump, also said on Monday it had completed an initial token sale, raising $300 million, and would look to issue additional tokens.

Bitcoin, the world’s largest cryptocurrency, hit a new record high of $109,071 on Inauguration Day when Trump was sworn in as US president, before paring those gains to last trade at $101,867.40.