TRUMP jumps 10% after Upbit listing announcement

The official Trump meme coin saw a 10% increase after Upbit announced it will be adding the presidential meme coin to its platform.

Upbit, South Korea’s largest crypto exchange, will launch the official Trump meme coin, TRUMP (TRUMP), nearly a month after the meme coin was listed on competitor Bithumb’s platform. According to the official notice, Upbit will open trading support for TRUMP on Feb. 13 at 18:00 KST.

Users can begin depositing and withdrawing TRUMP two hours after the notice was posted, which is around 30 minutes before trading support starts. The Solana (SOL)-based meme coin will be available for trading on Korean won, Bitcoin (BTC), Tether (USDT) markets.

Shortly after Upbit announced it will be listing the official Trump meme coin, TRUMP surged over 10% according to data from crypto.news. The meme coin is currently trading hands at $16.96, with a market cap of nearly $3.4 billion.

In the past week, TRUMP has gone down more than 12% and plummeted nearly 40% in the past two weeks.

According to the Upbit notice, TRUMP will start trading at a lower base price upon launch, ranging from 22,435 Korean won ($15.46) to 22,482 Korean won ($15.49).

Buy orders for TRUMP will be restricted to around five minutes after the crypto exchange begins trading support. While all types of orders, with the exception of limit orders, will be restricted for approximately one hour after trading support starts. Not only that, sell order prices are capped at a minimum of 10% less than the previous day’s closing price.

TRUMP exploded into the markets on the weekend before President Trump’s inauguration, reaching beyond $10 billion in market cap during its first few hours of trading. However, many early traders have dumped the token, dragging the price down from $39.63 to as low as $4.29 on Jan. 18. The meme coin has since rebounded, but its market cap is still far below its initial peak.