President-elect Donald Trump has launched a new cryptocurrency token that's soaring in value and potentially boosting his net worth.

President-elect Donald Trump launched his own meme coin early Saturday morning, creating excitement in the cryptocurrency world as the price and market capitalization of the coin immediately soared.

"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.