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.

The chief executive of the digital asset analytics firm CryptoQuant is outlining what gives President Donald Trump's newly launched memecoin value.

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.