This article was originally published on WealthyVC.com. On a historic inauguration day, the cryptocurrency market experienced an electrifying surge, led by a record-breaking performance by Bitcoin (BTCUSD) and Donald Trump’s new memecoin,

Bitcoin hit a record $109,241 as the US readies for pro-crypto President-elect Donald Trump’s inauguration. The cryptocurrency surged 5.5% amid excitement over Trump’s meme coins, despite a subsequent market decline.

"God candle," Samson Mow, a bitcoin developer who leads the Jan3 bitcoin wallet company, posted to X and referring to a sudden spike in the bitcoin price that creates a "candle" on a trading chart as the bitcoin price suddenly soared, hitting $109,400 on the Coinbase bitcoin and crypto exchange.

But as his presidency approached, he also offered more specific support to the cryptocurrency market. After the launch of his own $TRUMP coin, his wife launched her own $MELANIA competitor – the combination of which led to volatility in the cryptocurrency market.

Cryptocurrencies affiliated with President Donald Trump and first lady Melania Trump plummeted in the initial hours after Trump was sworn into office Monday.

Bitcoin hit a new all-time high overnight as investors prepare for the crypto-friendly Trump administration to take office.

It’s still early days, but the kickoff of President Donald Trump’s second term appears to have left some crypto investors disappointed so far.

Melania Trump launched her own cryptocurrency, $MELANIA, following the success of her husband’s $TRUMP meme coin. Analysts see profit potential in $TRUMP, but ethics experts criticize it as exploiting the presidency. Meme coins like $TRUMP and $MELANIA are highly speculative, with limited utility and significant risks for traders.

BTC has pulled back to $100K as Melania Trump launched her own memecoin, stalling the surge in the TRUMP token.

Two days after Donald Trump launched a memecoin that soared to $6.5 billion overnight, Melania Trump announced her own memecoin, adding to concerns the pro-crypto president is crossing ethical boundaries in an industry his administration will regulate.