Bitcoin surges to a new high of $109,000 during the Trump inauguration, fueling excitement among traders and meme coins.

The price of meme coins reached a new record high overnight, following the launch of a new pair by the first couple, as traders anticipate the inauguration of President Donald Trump.

According to Coin Metrics, the flagship cryptocurrency was nearly 1% higher on Monday at $106,622.54, after reaching a high of $109,350.72 earlier in the day, following a dip below $100,000 on Sunday.

Over the weekend, Trump launched the "Official Trump" meme coin, which surged more than 659% since Friday night, reaching a $10.6 billion market cap. However, on Monday, the coin was down about 27% from its record price after First Lady Melania Trump launched her own "Melania" meme coin, nearly halving the Trump coin in value at one point.

The Melania Meme, which started trading on Sunday night, has achieved a $1.3 billion market cap and a 14% price increase since its launch. It has recorded $7.3 billion in trading volumes over the past day, surpassing the $31 billion of the Trump meme.

The Trumps' coin launch over the weekend has given traders more conviction that the incoming administration will be positive for the cryptocurrency industry, despite meme coins being considered the riskiest corner of the market.

LMAX market strategist Joel Kruger stated that President Trump's support for crypto and the right of Americans to participate in the burgeoning asset class is underscored by the move.

"The administration's stamp of approval on meme coins could signal its support for embracing crypto and making the US a major player in the space."

Noelle Acheson, an economist and author of the "Crypto is Macro Now" newsletter, agreed that the meme drops were positive and indicated that he was in favor of new ideas and markets.

On Monday, investors will be focused on Trump's inauguration and searching for any related executive orders concerning cryptocurrency.

LMAX's Kruger stated that Bitcoin's new record could potentially lead to an upward extension to $130,000.