The crypto project connected to President Donald Trump, World Liberty Financial (WLF), raised US$1 billion in token sales, the company said on Monday (Jan 20), as a new Trump memecoin also soared to more than US$10 billion in market value as Trump took office for his second term.

Memecoins have long traded in crypto markets, with Dogecoin perhaps the best-known example. Launched as a joke, the crypto has exploded in popularity over the years, with its price often riding on the whims of its backers — the best known of which is Elon Musk.

Donald Trump and his wife Melania’s new memecoins ignited criticism from crypto executives who were expecting the digital-asset sector to be treated seriously by the Republican’s incoming US administration.