In a surprising announcement, Donald Trump revealed the launch of a Solana-based meme coin named Official Trump ($TRUMP). Within hours, the token reached an $8 billion market cap, fueling discussions about its legitimacy and market impact.
$TRUMP Token Price Skyrockets
According to GeckoTerminal, $TRUMP saw its value surge over 300% within minutes of the announcement, with trading volumes nearing $1 billion. At the time of writing, the token was trading at $8.5. The announcement first appeared on Truth Social, directing users to the project’s official website, GetTrumpMemes. A similar message was later posted on X (formerly Twitter), declaring $TRUMP as the official meme coin.
Despite the rapid rise, concerns about the legitimacy of both the announcements and the project have emerged, especially given recent hack attempts targeting X accounts. Notably, Trump’s Truth Social account also posted an unrelated update shortly after the token announcement, adding to the speculation.
Blockchain engineer Cygaar pointed out technical similarities between the $TRUMP website and Trump’s earlier NFT project, suggesting the same team might be behind it. “The same Cloudflare setup, Heroku deployment, and SSL certificate issuer are evident. This could either be the biggest scam or completely legitimate,” Cygaar noted.
$TRUMP Token Details and Community Buzz
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According to GetTrumpMemes, the $TRUMP token is inspired by Trump’s campaign slogan “Fight, Fight, Fight” following a life-threatening incident in July 2024. The token’s supply is capped at 1 billion, with 200 million tokens available at launch. The remaining supply will be gradually released over three years, with 80% allocated to creators and CIC Digital. These tokens are subject to a lockup period of 3-12 months, followed by daily vesting over 24 months.
The project also promised airdrops for the first 2,500 token buyers, encouraging engagement via Telegram with the slogan, “Miss out or join the winners.”
Mixed Reactions From the Crypto Community
Mixed Reactions From the Crypto CommunityReactions to the $TRUMP launch have been polarizing. AI and crypto commentator Brian Krassenstein criticized the move as inappropriate, accusing Trump of exploiting his presidency for profit. On the other hand, Ross Coin’s Churl Bistros praised the initiative, saying, “This is my president.”
Notably, a trader reportedly made over $20 million in just an hour by purchasing 5.97 million $TRUMP tokens within 90 seconds of the announcement and quickly selling a portion for massive gains.
The Road Ahead for $TRUMP
The Road Ahead for $TRUMPAs speculation continues, The Bit Journal will closely monitor the development of $TRUMP and its potential implications for the crypto market. Whether this project is a legitimate venture or a speculative bubble remains to be seen, but its meteoric rise highlights the enduring appeal of meme coins and the influence of prominent figures like Donald Trump in the crypto space.
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