Donald Trump Launches $TRUMP Meme Coin on Solana, Surges to $8 Billion Market Cap Amid Security Concerns
In an unexpected move, President-elect Donald Trump announced the launch of the $TRUMP meme coin on Solana on Friday, shaking up the cryptocurrency world. The announcement caused the token to skyrocket in value, reaching an astonishing $8 billion market cap in less than three hours. This meteoric rise followed news of the token’s debut, with the token trading at $8.50 at press time. However, doubts about the legitimacy of the project and concerns over possible account compromises have begun to surface.
$TRUMP’s Explosive Start
The $TRUMP token exploded onto the scene with an over 300% surge in value within the first three minutes of its release. Trading volumes hit nearly $1 billion, as market participants rushed to capitalize on the hype surrounding Trump’s involvement. The initial announcement of the coin appeared on Truth Social, Trump’s social media platform, directing users to the GetTrumpMemes website to purchase the token.
The project was later confirmed via a post on X (formerly Twitter), where it was promoted as the official $TRUMP meme coin. This additional communication helped fuel the frenzy as investors and enthusiasts scrambled to get in on the action.
Concerns About Legitimacy and Cybersecurity
While the announcement made waves, there have been serious questions about the legitimacy of the coin. Speculation has arisen due to the recent wave of hacks targeting social media accounts, including those of high-profile figures. Some cybersecurity experts have raised doubts, suggesting that the announcement might not be authentic or could be the result of an account compromise.
Cygaar, a blockchain engineer, pointed out some key similarities between the new project and Trump’s previous NFT initiative. He noted that both websites share technical traits such as the same Cloudflare setup, similar SSL certificates, and nearly identical HTML structures. These similarities suggest the $TRUMP token could have been created by the same team behind Trump’s previous NFT project.
Cygaar further stated, “Either this is the greatest cyber heist of all time, or this is legitimate,” adding a layer of uncertainty to the situation.
What We Know About the $TRUMP Token
Despite the ongoing speculation, the project’s official website, GetTrumpMemes, provides some details about the $TRUMP token. The coin is inspired by Trump’s “Fight, Fight, Fight” rallying cry, which became famous after he survived a life-threatening assassination attempt during a rally in Butler, Pennsylvania, on July 13, 2024. The token aims to capture this moment of survival and resilience, as it symbolizes the spirit of defiance associated with Trump.
The $TRUMP token has a total supply of 1 billion tokens, with 200 million tokens available at launch. The remaining tokens will be released gradually over a span of three years, with 80% of the tokens allocated to the creators and CIC Digital. However, these tokens will be subject to a lock-up period of 3 to 12 months before they are unlocked on a daily basis over the following 24 months.
Despite concerns, the $TRUMP token has already been verified and listed on the Jupiter Exchange, providing further legitimacy to the project. Slorg, a member of the Jupiter Core Working Group, confirmed that the coin had passed the Jupiter strictlist approval process, ensuring its safety for trading.
The Future of $TRUMP Coin: A New Crypto Power Play?
The debut of $TRUMP signals another major move in the world of meme coins, but whether it will endure or suffer from the same fate as many other meme-based projects remains to be seen. With its immediate success, it has already captured the attention of crypto enthusiasts and traders. However, the legitimacy of its launch and its association with Trump continue to raise eyebrows.
As the situation unfolds, investors and the crypto community will closely monitor $TRUMP’s growth, hoping to determine whether the token is indeed the latest in a string of successful crypto projects or whether it’s another blip in the ever-volatile meme coin space.
