"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.

The crypto industry has high hopes that United States President-elect Donald Trump will bolster crypto adoption both in the US and globally. However, only time will tell if his newly launched Solana-based memecoin is a step in the right direction.