Talk about a surprise Friday night. President-elect Donald Trump’s social media accounts shared what appeared to be official Solana A meme coin called TRUMP, three days before he is sworn in for a second term in the White House.
Those traders immediately bought in, generating hundreds of millions of dollars in trading volume as the chain’s intelligence and security experts hunted for red flags. But Trump’s X and Truth Social posts are still live after more than an hour, and some of the initial red flags have been cleared up after closer inspection, making it seem like a legitimate launch of Trump’s meme coins.
“My NEW official Trump meme is HERE! It’s time to celebrate everything we stand for: WIN! Join my exclusive Trump Community. GET IT $ TRUMP NOW,” Trump’s official X account posted.
The launch was immediately met with excitement, confusion and a lot of skepticism. That’s because the project had all the familiar hallmarks of the many celebrity meme coin scams launched over the past year, with a public figure’s social media account hijacked to promote a “pump and dump” scam.
Truth Social’s post was the first to appear, but after X’s post went to his official account, concerns began to subside. Also, the coin does not have any waste on this record, basically it has only been pumped up to this point.
Insiders on the chain pointed to potential red flags, including the fact that the project received millions of dollars in funds from Binance and Gate — two exchanges that do not serve US customers. But as Trump’s social media posts have remained online, other apparent concerns have subsided over time.
of the coin official website similar to those used to sell and promote his previous NFT collections, and belongs to CIC Digital, the same official Trump licensee behind the NFTs. Meme Coin Website “Its previous NFT website had almost the same placement,” noted blockchain engineer Cygaar, under the pseudonym, in a tweet after initial skepticism.
“Either it’s the biggest cyber heist of all time, or it’s legit,” he added.
Meme coin traders are buying the coin in droves, pushing it to $7.31 as of this writing. DexScreener It lists a market cap of $7.1 billion, which if accurate would make it a top 30 cryptocurrency, but there is a caveat.
Of the 1 billion coins, the website notes that 80% are locked up and will be gradually unlocked over three years. So the circulating supply is just 200 million tokens, bringing the market cap close to $1.5 billion at the time of writing. So far, the trade volume was about 680 million dollars.
Trump worked on a pro-crypto platform and in addition to previous NFT collections launched between 2022 and 2024, Trump also supported a decentralized financial platform called World Liberty Financial.
It is expected to issue a cryptocurrency-related one-day order, which could be the first of many. as Decryption said This week, Trump is believed to be preparing directives that will reshape the US crypto landscape for developers and investors.
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