As shares of Trump Media & Technology Group (DJT) continued to rise earlier today—and Election Day approaches—a perhaps-unlikely price level briefly came back into view: The stock’s all-time intraday high. Then things changed.

The shares changed hands for less than $12 as recently as last month. On Tuesday morning, with the Truth Social parent company’s stock up more than 10%, they were around $54. (Trading in the stock was briefly halted earlier today.) As of mid-day, they were still around $54.

Recent prices represent a pullback from premarket levels. Early morning action had indicated a possible open at the highest levels since the stock’s record highs near $80, seen earlier this year after the company’s merger with a blank-check company.

Where to next? Traders, including retail investors, appear to be using the stock partly as a vehicle for wagering that former President Donald Trump, majority owner of the company, will win reelection. Some polling averages point toward a tight race with Vice President Kamala Harris, particularly for the Electoral College votes of battleground states. Trump’s perceived chances, however, have lately risen in some prediction markets.

That outlook perception helped some other assets lately: Bitcoin, for example, recently traded around $71,000. Trump’s re-election is generally seen as more favorable for cryptocurrency markets.

Trump Media's market value is roughly $9.5 billion.

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