Trump in the lead up to his second inauguration, has gained 10% since Friday

Trump in the lead up to his second inauguration, has gained 10% since Friday, when 40 million additional tokens were to be released into circulation.

The price of Trump tokens has risen by 10% in the lead up to his second inauguration, which is set to take place on Friday at 12 p.m. ET. The event will see an additional 40 million tokens being released into circulation.

The event, known as a token unlock, was expected to depress the memecoin’s price by increasing its supply but it seems to have had the opposite effect.

Over the past few days, rumors of a rug pull—a common scam in which a memecoin project’s team members dump their holdings at once, tanking the token’s price and leaving investors holding the bag—have begun circulating on social media. These rumors stemmed from the fact that a large portion of the Trump tokens were set to be unlocked this week, granting the token’s creators the ability to sell their holdings.

The Trump tokens were first launched in January by an anonymous team, who stated that they were creating the token to help Trump get reelected in 2024. The token’s website claims that the team is bipartisan and includes members from both the Democratic and Republican parties.

CIC Digital is a company known to be affiliated with Trump. The company is also developing a Trump NFT collection, which will be sold on major NFT marketplaces.

As the $330 million worth of tokens were unlocked, investors feared that these holders would immediately try to turn a profit by dumping the tokens into the market.

However, the price of Trump tokens has remained relatively stable in recent days, and there has been no large-scale selling activity.

“Because the price hasn't gone down and a large-scale sale has not occurred, the markets might be pricing in the possibility that the Trump team just chooses to hold on to these tokens,” Ben Armstrong, a crypto influencer known as "The Armstrong Williams," told Fortune.

The Trump tokens began circulating in mid-January, shortly after the former president announced his candidacy for the 2024 presidential election. The token’s price shot up rapidly, and it reached a new all-time high of $75 on Monday.

The token’s price began to plummet soon after, and it has lost 90% of its value since Jan. 19. The token’s price now sits at $8.28.