Trumps Official Solana-Based Memecoin Flys High, Minting Millionaires Just Hours After Launch
Talk of a huge Friday night shock. Republican Donald Trumps social media accounts shared what appears to be an official Solana-based meme coin called TRUMP, just three days before he takes the oath of office to become the 47th president of the United States.
The price of TRUMP jumped from a couple of cents to nearly $29 in less than 24 hours despite widespread skepticism on whether the token was actually Trump-backed or was just an elaborate hack to promote a pump-and-dump scam.
Did Trump Really Just Launch A Solana Meme Coin?
The first announcement on Friday appeared on Trumps Truth Social platform, directing users to GetTrumpMemes, the projects official website, to buy the TRUMP meme coin.
A similar message was later posted on Trumps X (formerly Twitter) account, touting $TRUMP as an official meme coin linked to President-elect Trump.
My NEW Official Trump Meme is HERE! Its time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR TRUMP NOW, the post read.
While some crypto commentators initially suspected an elaborate hack, the meme coins official website appears to have been deployed almost identically to his previous NFT website, pseudonymous blockchain sleuth cygaar observed. Additionally, the project seems to be associated with the same official Trump licensee behind his NFT collections, CIC Digital LLC.
Either this is the greatest cyber heist of all time, or this is legitimate, he added.
Trumps posts regarding the TRUMP meme coin remained online as of press time.
I dont like to tweet about coins, and in no way shape, or form is this a promotion, Slorg, a member of Jupiters Core Working Group posted on X. But to keep people safe, this is the real Trump coin. We have approved it to the Jupiter strictlist.
Traders Bag Huge Profits In Hours
TRUMP hit a market cap of almost $9 billion within hours of going live, stealing the spotlight from other popular meme coins like PEPE, SHIB, and Bonk. The token currently boasts a market cap of $4.47 billion.
Notably, meme coin traders who bought $TRUMP early have raked in millions of dollars in paper gains.
On-chain data from Lookonchain shows that a crypto user, LeBron, turned a $1 million USDC investment into more than $2 million by purchasing 4.52 million $TRUMP tokens just two minutes after Trumps post.
Another trader turned a $1.1 million investment into a staggering $70 million in the span of just four hours. The anonymous trader sold 1.35 million TRUMP for 3.7 million USDC, remaining with 4.62 million tokens worth $67.5 million.
Text source: ZyCrypto
