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.

President-elect Donald Trump has launched a new cryptocurrency token that is soaring in value – and potentially boosting his net worth – just before his inauguration. It’s the latest norm-defying promotion by Trump, who has also helped sell branded bibles, gold sneakers and diamond-encrusted watches.

The TRUMP meme coin launch was either the all-time crypto market top signal, or day one of new bout of irrational exuberance in a sector that's seen a few such rounds already. Why it matters: For the next three years,