Bitcoin's (BTC-USD) price headed to new all-time highs on Monday, as crypto investors cheered incoming president Donald Trump and his pro-crypto administration. The moves for the digital asset came following the launch of two memecoins by Trump and the incoming first lady Melania.

Friday saw the Trump administration throw a glitzy inauguration party for crypto industry professionals, for which some attendees paid as much as $100,000 on VIP tickets. The event included performances from the likes of Snoop Dogg.

As it kicked off in Washington DC, so did trading for a token with the ticker $TRUMP — a memecoin launched on the Solana blockchain which quickly amassed billions of dollars in backing.

"My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING!" Trump wrote on Truth Social on Friday.

A second memecoin, $MELANIA was also launched on Sunday night.

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The digital tokens have sparked criticism from those in the crypto industry that the president-elect, due to be sworn in later on today, is exploiting his supporters for financial gain. Trump's family business owns stakes in both digital assets.

"The market must evolve in a way that prioritises trust and sustainable growth," said James Newman, chief corporate affairs officer at the Chiliz Group, a company that helps with the creation of fan tokens.

"With the positive progression of crypto regulation in the US, there's an opportunity to create a more robust framework that supports both innovation and investor protection. It’s a reminder that while memecoins can capture public interest, long-term success lies in fostering benefits with clear utility and solid fundamentals."

Trading has already been volatile: on Friday, $TRUMP went from around $6 to $75 in a matter of hours. With the subsequent launch of $MELANIA, the price dipped by about half, wiping $7bn in value as people sold.

Meanwhile, bitcoin was trading at around $108,000 by mid-morning in London on Monday, up 2.9% on the previous session. Ethereum (ETH-USD), the second biggest cryptocurrency by market cap headed 5.5% higher to trade around $3,350.

During the election cycle, Trump made several pledges in line with boosting the crypto industry. One such pledge was to build a national bitcoin reserve for the US.

He also vowed to sack the crypto-critical US Securities and Exchange Commission (SEC) chair Gary Gensler, with Paul Atkins, CEO of Patomak Partners and a former SEC commissioner, lined up to replace him. Atkins is known as a friend of the crypto industry and will likely be a softer touch on regulation.