Did Trump just drop the $TRUMP meme coin on Solana? The token explodes with a market capitalization of $8 billion within 3 hours.

By Crypto Gloom On Jan 18, 2025

Key Takeaways

The $TRUMP meme coin reached a market capitalization of $8 billion within two hours of launch.
As the official announcement was shared on social media, concerns were raised about its authenticity.

President-elect Donald Trump announced Friday the launch of Official Trump ($TRUMP), a Solana-based meme coin. Amid concerns that his social accounts may have been compromised, the token exploded with a market capitalization of $8 billion less than three hours after its debut.

According to GeckoTerminal data, the value of $TRUMP increased by more than 300% in the first three minutes after the announcement, with trading volume approaching $1 billion. The token was trading at $8.5 at press time.

The announcement first appeared on Truth Social, directing users to the project’s official website, GetTrumpMemes, where they can earn tokens. A similar message was later posted on X (formerly Twitter), promoting it as the official $TRUMP meme coin.

There are serious questions about the legitimacy of the announcement and the project, especially in light of the recent hack targeting a wave of X accounts. Following this announcement, Trump’s Truth Social account shared a new post naming Peggy Schwinn as the new U.S. Deputy Secretary of Education.

According to blockchain engineer Cygaar, the new meme coin project is likely the creation of Trump’s previous NFT project team, as the websites share some technical similarities.

“Same Cloudflare setup, same Heroku distribution, same SSL certificate issuer. “It’s a very similar HTML structure as before,” he said, noting that both websites were deployed using Heroku.

“Either this is the largest cyber heist of all time or it is a legitimate attack,” Cygaar added.

Slorg, a member of Jupiter’s Core Working Group, said $TRUMP has been verified and listed on the Jupiter Exchange.

“I don’t like tweeting about coins and this is not a promotion in any way shape or form. But to keep people safe, this is a real Trump coin. We have approved it on the Jupiter strictlist,” Slorg said.

What do we know so far?

According to GetTrumpMemes, the $TRUMP token is inspired by Trump’s “Fight, Fight, Fight” rally chant that emerged after Trump’s life-threatening experience at a campaign rally in Butler, Pennsylvania, on July 13, 2024. This is what he shouted. After surviving an assassination attempt.

The total supply of tokens is 1 billion, with 200 million available at launch. The remaining tokens will be released gradually over three years, with 80% allocated to creators and CIC Digital, with a lock-up period of 3-12 months and unlocked daily over 24 months.