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.

"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.

Two days after her president-elect husband generated potentially tens of billions of dollars with a new meme coin, first-lady-in-waiting Melania Trump launched her own coin Sunday night: MELANIA. Why it matters: The Trump family became crypto billionaires this weekend,