Did Trump just drop $TRUMP meme coin on Solana? Token explodes to $8 billion valuation in less than three hours

Did Trump just drop $TRUMP meme coin on Solana? Token explodes to $8 billion valuation in less than three hours

Table of Contents

Key takeaways

  • The TRUMP meme reached a market cap of $8 billion within two hours of its launch.
  • Concerns about authenticity arose due to the official announcement being shared on social media.
President-elect Donald Trump announced on Friday that he has launched the official Trump Coin (TRUMP), a meme coin based on Solana. The coin’s market value rose to $8 billion in less than three hours after its debut amid fears that its social accounts could be compromised.

Trump’s value rose more than 300% in the first three minutes after the announcement, with trading volumes approaching $1 billion. according to GeckoTerminal data. The token was trading at $8.5 at press time.

The ad first appeared on Truth Social, directing users to GetTrumpMemes, the project’s official website, to obtain the codes. A similar message was later posted on X (formerly Twitter), promoting it as the official Trump $meme.

Trump launches a meme coin at SolanaTrump launches a meme coin at Solana

There are serious questions about the legitimacy of both the ads and the project, especially in light of recent hacks targeting a wave of X accounts. Following these statements, Trump’s Truth Social account published a new post naming Peggy Schoen as the new US Deputy Secretary of Education.

According to Cygaar, a blockchain engineer, the new meme coin project will likely be created by the team behind Trump’s previous NFT project since their websites share many technical similarities.

“Same Cloudflare setup, same Heroku deployment, same SSL certificate issuer. Very similar HTML structure as before He saidNote that both sites are deployed using Heroku.

“Either this is the biggest cyber theft ever, or it’s legitimate,” Segar said He added.

$TRUMP has been verified and listed on the Jupiter Exchange, said Slorg, a member of Jupiter’s core working group.

“I don’t like to tweet about coins, and this is in no way a promotion. But to keep people safe, this is the real Trump coin. We have approved it under our strict buyer’s list. He said SLRG.

What do we know so far?

According to GetTrumpMemes, the dollar TRUMP token was inspired by the “Fight, kill, kill” 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 after surviving an attempted Assassination.

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 creators and CIC Digital, subject to a lock-in period of 3-12 months before being unlocked daily over 24 months.

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