"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.

The tokens, which warns it is not intended to be an “investment opportunity, investment contract, or security of any type’ traded as high as $US75.35.

“It’s absolutely preposterous that he would do this,” said Nic Carter, founding partner at the crypto investment firm Castle Island Ventures who describes himself as an “avowed and explicit” Trump supporter. “They’re plumbing new depths of idiocy with the memecoin launch.”