Bitcoin Traders awaiting the incoming inauguration of President Donald Trump hit all-time highs overnight after the incoming first couple launched a pair of meme coins.

The flagship cryptocurrency was last up nearly 1% on Monday at $106,622.54, according to Coin Metrics. Earlier, the price rose to $109,350.72 after briefly falling below the $100,000 mark on Sunday.

Over the weekend, Trump launched the "Official Trump" meme coin, which has seen its market value rise to $10.6 billion, surging more than 659% since Friday night, according to data from CoinGecko and Coinbase. First lady Melania Trump returned on Sunday with the launch of her own "Melania" meme coin, which on Monday was down about $27 from its record price of about $73 per coin. %, at one point nearly halving the value of the Trump coin.

Melania Meme, which began trading on Sunday night, has reached a market capitalization of $1.3 billion since its launch, with prices up 14%. It attracted $7.3 billion in trading volume over the past day, compared with $31 billion for the Trump meme.

While meme coins are considered the riskiest segment of an already fraught cryptocurrency market, the Trump family's token launch over the weekend has given traders further confidence that the incoming administration will have a positive impact on the industry as a whole.

"The move underscores President Trump's embrace of cryptocurrencies and his belief that Americans should have the freedom to operate in the emerging asset class," said LMAX market strategist Joel Kruger.

“There’s logic here that putting a stamp of approval on what might be considered the wildest crypto asset, memecoins, is the best way to send a message about how much support the market should expect from governments. When it comes to embracing cryptocurrencies and making them When the United States became a major player in this field.”

Economist and author of the Cryptocurrency Is Macro Now newsletter, Noelle Acheson, echoed the sentiment, calling the meme’s decline a positive and “shows that he’s very Support new ideas (and) new markets.”

Bitcoin began to gain momentum last week as speculation began that Trump might announce an executive order on cryptocurrencies early in his new term. Gracy Chen, CEO of cryptocurrency exchange Bitget, said optimism has had a greater impact on its price.

“Rumors that the U.S. may declare cryptocurrencies in the national interest during the inauguration are having a positive impact on the price of Bitcoin,” she told CNBC. “I don’t think the increase in the price of Bitcoin is due to the launch of new meme coins. "On the contrary... without the issuance of Trump family tokens, the price of Bitcoin would rise even more, and instead capital would shift to new tokens, limiting overall growth."

The broader cryptocurrency market, as measured by the CoinDesk 20 index, fell 1% on Monday, having gained less than 1% since Saturday. Bound token Solana It fell more than 7% on Monday but is up 15% since Saturday, benefiting from the launch of the Trump meme coin on the popular Ethereum alternative network. ether It has fallen 5% since Saturday.

LMAX’s Kruger added that Bitcoin’s new record opens the door to a possible rise to $130,000.