The social media accounts of President Trump have unexpectedly shared a memecoin on Solana, reaching a market capitalization of $3.5 billion just one hour after trading.
Donald Trump announces TRUMP memecoin, reaching a market capitalization of $3 billion in just 1 hour
On the morning of January 18, 2025, the Truth Social and X (Twitter) accounts of Donald Trump simultaneously shared information about Trump Memes (TRUMP), a memecoin issued on Solana.
My NEW Official Trump Meme is HERE! It's time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC
— Donald J. Trump (@realDonaldTrump) January 18, 2025
According to the attached website, Trump Memes is the "official memecoin" of Donald Trump, inspired by the "Fight, Fight, Fight" message he delivered during the "failed assassination" last July, one of the most notable highlights in the politician's journey to return to the White House.
The total supply of TRUMP is 1 billion units, with an initial circulating supply of 200 million USD, which will gradually increase over 3 years. In addition to the token portion used for liquidity and initial community distribution, the remaining 80% will be allocated to undetermined creator groups with lock-up periods ranging from 3 to 12 months, unlocking daily over the next 24 months.
Many have expressed skepticism about the accuracy of the information, suggesting that Trump may have been hacked. However, since the posts appeared on both Truth Social and X, two independent platforms, the likelihood of the President losing access to both social media accounts simultaneously is low.
A representative from the DEX Jupiter also confirmed the TRUMP token, affirming that this is an official project of the US President.
I don't like to tweet about coins, and in no way shape or form is this a promotion
— Slorg (@SlorgoftheSlugs) January 18, 2025
But to keep people safe, this is the real Trump coin. We have approved it to the Jupiter strictlist:
6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN pic.twitter.com/nvyP39m9Zx
Just one hour after its launch, the TRUMP price reached a market capitalization of nearly $3.5 billion as the community rushed to buy this memecoin, with a trading volume reaching nearly $420 million.
Fluctuations in the market capitalization of the TRUMP memecoin, screenshot from DEXScreener at 10:05 AM on 18/01/2024
It is noteworthy that Trump's announcement of his own memecoin coincides with the last working day of Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), who has taken numerous actions to suppress what are considered fraudulent and deceptive practices in the US crypto market over the past 3 years.
It has been the privilege of a lifetime to work for you as @SECGov Chair.
— Gary Gensler (@GaryGensler) January 17, 2025
Over the last four years, we updated rules in our equity market & Treasury Markets, & shortened the settlement cycle. We returned more than $2.7B to harmed investors.
A quick look at the last four years: pic.twitter.com/gUBfaiURMx
Compiled by Coin68
