Reserve Rights token RSR has surged 136% in the past 24 hours, leading the top 100 cryptocurrencies by market cap as its price reached $0.02518, the highest level since early 2022.

According to market data from crypto.news, the price of Reserve Rights (RSR) rose sharply on Dec. 3 to break to $0.02518. The ERC-20 token, which works as an overcollateralization asset of Reserve stablecoins, or RTokens, and for governance, traded at lows of $0.00933 earlier in the day.

The gains came as RSR trading volume rose over 3,100% in 24 hours to over $1.26 billion, and its market cap jumped to over $1.17 billion with a 130% increase. Reserve Protocol launched the RSR token in May 2019 with a highly successful initial exchange offering.

Why did RSR price spike today?

The RSR token has surged by more than 177% in the past week and over 300% in the past 30 days. While these gains have come amid a broader market uptick since early November, RSR holders are celebrating a bullish flip catalyzed by the latest news around the U.S. Securities and Exchange Commission.

On Dec. 3, reports emerged that President-elect Donald Trump had reached out to former SEC commissioner Paul Atkins.

Specifically, Trump is said to have picked Atkins as the next SEC chair to take over from Gary Gensler. While there hasn’t been an official announcement, the market’s reaction to the rumors has been massive.

The RSR token reached its all-time high of $0.1189 in April 2021.

Per DeFiLlama, the Reserve Protocol’s total value locked has jumped from $14 million in November 2023 to over $276 million.