According to estimates from blockchain analytics platform Arkham Intelligence, ‘crypto president’ Donald Trump has become $28 billion richer overnight, thanks to the TRUMP meme coin, which brought a 400% increase in his estimated net worth.

President-elect Trump has launched his own crypto token called Trump coin. In less than 24 hours, the coin has had a 12,000% gain and has seen billions in trading volume.

Donald Trump’s Solana-based memecoin, launched on January 17, has already reached a market cap of $26.7 billion at the time of publication. However, industry experts remain uncertain about its long-term impact on the crypto industry.