18 hours ago
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Controversy arises over authenticity as Trump meme coin's market value skyrockets amidst security concerns.
Photo: GetTrumpMemes
Key Takeaways
- $TRUMP meme coin reached a market cap of $8 billion within two hours of launch.
- Authenticity concerns arose due to the official announcement being shared on social media.
President-elect Donald Trump announced Friday he had launched Official Trump ($TRUMP), a Solana-based meme coin. The token exploded to $8 billion in market cap in less than three hours of its debut amid concerns that his social accounts might have been compromised.
$TRUMP’s value increased by more than 300% in the first three minutes following the announcement, with trading volumes approaching $1 billion, according to GeckoTerminal data. The token was trading at approximately $8 at press time.
The announcement first appeared on Truth Social, directing users to the GetTrumpMemes website to acquire the 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 both announcements, 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 the new US Deputy Secretary of Education.
According to GetTrumpMemes, the $TRUMP token draws inspiration from the “Fight. Fight. Fight!” rallying cry that emerged after Trump’s life-threatening experience at a campaign rally in Butler, Pennsylvania, on July 13, 2024. Those were the words he shouted upon 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 the creators and CIC Digital, subject to a lock-up period of 3 to 12 months before daily unlocking over 24 months.
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