Key takeaways
- The $TRUMP coin reached a market cap of $8 billion within two hours of its launch.
- Authenticity issues arose due to the official announcement being shared on social media.
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President-elect Donald Trump announced Friday that he has launched Official Trump ($TRUMP), a coin based on Solana. The token’s market capitalization exploded to $8 billion in less than three hours after its launch amid fears its social accounts may have been compromised.
The value of $TRUMP increased by more than 300% in the first three minutes following the announcement, with trading volumes approaching $1 billion, according to data from GeckoTerminal. The token was trading at $8.5 at press time.
The announcement first appeared on Truth Social, directing users to GetTrumpMemes, the project’s official website, to acquire the tokens. A similar message was later posted on X (formerly Twitter), promoting it as the official $TRUMP meme coin.
Serious questions remain about the legitimacy of the announcements and the project, especially in light of recent hacks targeting a wave of X accounts. After these announcements, Trump’s Truth Social account shared a new post appointing Peggy Schwinn as new U.S. Assistant Secretary of Education.
According to Cygaar, a blockchain engineer, the new coin project is likely created by the team behind Trump’s previous NFT project, as their websites share several technical similarities.
“Same Cloudflare configuration, same deployment with Heroku, same SSL certificate issuer. Very similar HTML structure to before,” he said, noting that both websites were deployed using Heroku.
“Either this is the biggest cyber heist of all time or it’s legitimate,” Cygaar added.
Slorg, a member of Jupiter’s core working group, said $TRUMP has been verified and listed on Jupiter Exchange.
“I don’t like tweeting about coins, and this is in no way a promotion. But keeping people safe is Trump’s real coin. We approved it on Jupiter’s strict list,” Slorg said.
What do we know so far?
According to GetTrumpMemes, the $TRUMP token is inspired by the rallying cry “Fight, fight, fight” that emerged after the life-threatening experience at a campaign rally in Butler, Pennsylvania on July 13, 2024. These are the words he shouted. after surviving the assassination attempt.
The token has a total supply of 1 billion units, with 200 million available at launch. The remaining tokens will be released gradually over three years, with 80% allocated to creators and CIC Digital, subject to a lock-up period of 3 to 12 months before a daily unlock over 24 months.
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