The token started to bounce back after SEC acting Chair Mark Uyeda unveiled a new team tasked with “developing a comprehensive and clear regulatory framework for crypto assets.”

Bulls hope the new initiative is a sign the president remains committed to the sector, after his first day in office left them feeling underwhelmed.

Donald Trump’s TRUMP memecoin has pulled in at least $11.4 million in fees for entities tied to the president, according to a Jan. 28 report from Bloomberg. The memecoin, which launched on January 17,