Trump, sold as Donald Trump's official Crypto Token, came together Wednesday after an invitation to a dinner event with the token holder, the US president, appeared on the project's website.
“Participate President Donald J. Trump in a private, member-only club in Washington, DC for dinner!” said the banner on the event on the project's website.
The invitation is targeted at 220 largest token holders, according to the event's website.
The tokens surged past 70% after temporarily hitting $16, the strongest price since early March. It then went back below $13, up 43% over the past 24 hours.
According to Tokenomist Data, the event took place after $300 million worth of Trump tokens were added to distribution on April 18th. Approximately 75% of all existing tokens are still locked, and the next lock will be unlocked in July, with over $600 million in coins increasing.
The Trump Token was launched on January 20th just days before Donald Trump's presidential inauguration, and met with attention and industry-wide backlash to capitalize on Trump's heavy allocations to civil servants and insiders.
The launch also marked a peak of speculative bubbles in the crypto market. Bitcoin (BTC) fell by more than 30% from record prices in the next few weeks, while many small and speculative cryptocurrencies suffered from 80%-90% drawdowns.
Despite today's rally, Trump Coin is more than 80% below its record price of $73 on January 19th.
Read more: Trump Coin's biggest critic is insider in the crypto industry
