United States President-elect Donald Trump has launched a new cryptocurrency called $Trump, achieving a market valuation of US$32 billion shortly after its introduction.

The coin increased by over 600% within hours of its release, as reported by CoinGecko as of 11 a.m. ET on Jan. 18.

The cryptocurrency was introduced during an event named the “Crypto Ball” in Washington on Jan. 17.

Unlike previous Trump-themed meme coins, $Trump is officially endorsed by the president-elect, according to its official website.

Eighty percent of the $Trump supply is reportedly held by Cic Digital, an entity affiliated with the Trump Organization, with assets locked for three years.

Reports suggest cryptocurrency could play a significant role in Trump’s upcoming administration, potentially being declared a “national priority.”