Donald Trump, the United States president-elect, launched a new memecoin called “Official Trump ($TRUMP)” on the Solana blockchain on Friday, January 17, just three days before his inauguration on Monday, January 20.
The memecoin was announced just some hours ago and has quickly risen from a few cents to an all-time high of $24.50 in a few hours, according to GeckoTerminal data. This increase amounts to over 12,000% within 24 hours.
This significant price rise occurred despite confusion about whether Trump supported the token or if it was a potential hack of his verified social media accounts.
What to Know About Official Trump Meme Coin
On-chain data showed that the TRUMP memecoin was launched on Friday at 14:22 UTC. However, Donald Trump announced this new meme coin on his social media platform, Truth Social, and Elon Musk’s X at around 02:44 on Saturday.
He said, “My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!”
The project is managed by CIC Digital LLC, which is connected to The Trump Organization, and Fight Fight Fight LLC.
Meanwhile, the official website, GetTrumpMemes, lets users buy $TRUMP using cryptocurrency or a debit card. Donald Trump claims the token is a community-driven cryptocurrency and digital collectible that honors the courage and strength of incoming President Donald Trump.
This meme coin is a unique digital asset that will be allocated over three years. Its goal is to encourage engagement and support for the ideals represented by the “$TRUMP” symbol.
Initially, 200 million $TRUMP tokens will be available in the open market, with the total growing to 1 billion over three years. However, the team insists that this memecoin is not an investment opportunity or a security but a way to express support for Donald Trump’s ideals.
The website states, “GetTrumpMemes.com is not political and has nothing to do with any political campaign, office, or governmental agency.”
TRUMP Memecoin Price Performance
The Trump official meme coin has received mixed reactions from crypto traders. Within hours of its launch, it attracted about $2 billion in trading volumes and currently has a market value of $4.81 billion.
Within 24 hours of launch, it became the 32nd largest coin by market cap, with a fully diluted value of $24.05 billion. The coin also gained nearly 300,000 holders in a short time.
Despite initial doubts in the cryptocurrency community, many traders have taken advantage of its popularity to earn profits. One trader reported a massive gain of 2,634%.
He allegedly invested $1.09 million to buy 5,971,750 TRUMP coins worth $30.8 million in under 2 hours. At press time, the trader’s holdings will be worth $126,004,037, or roughly $21 apiece.
Is $TRUMP real?
Concerns about the legitimacy of the Trump memecoin increased after recent hacks affected many high-profile X accounts. However, these doubts lessened when some experts provided clarification.
Cygaar, a blockchain engineer, suggested that the team behind Trump’s previous NFT project likely created the new memecoin since their websites have many technical similarities.
Additionally, Slorg, a Jupiter’s Core Working Group member, stated that $TRUMP has been verified and listed on Jupiter Exchange. He highlighted, “This is the real Trump coin. We have approved it to the Jupiter strictlist.”
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