A cryptocurrency linked to President-elect Donald Trump, called Official Trump ($TRUMP), experienced a dramatic surge, reaching an $8 billion market capitalization within just three hours of its debut on the Solana blockchain. The token’s unexpected rise has sparked both excitement and skepticism within the crypto community.
The $TRUMP coin was first introduced via Trump’s Truth Social account, where users were directed to a website, GetTrumpMemes, to acquire it. The announcement was later echoed on X (formerly Twitter), with claims that the token was the official $TRUMP meme coin. The cryptocurrency’s value skyrocketed by more than 300% within just the first three minutes of trading, reaching trading volumes close to $1 billion, according to GeckoTerminal data. At the time of reporting, the coin was valued at $8.5 per token.
Despite its swift rise, doubts about the coin’s authenticity quickly emerged. Blockchain engineer Cygaar pointed out that the $TRUMP token’s infrastructure closely resembled that of Trump’s previous NFT project, noting similarities in Cloudflare setups and deployment methods. This led some to believe that the same team may have been behind both ventures.
Further adding to the confusion, Trump’s Truth Social account made an unrelated announcement regarding Peggy Schwinn’s appointment as the new US Deputy Secretary of Education, leading to speculation that the account may have been hacked. However, the token was verified and listed on Jupiter Exchange, with the platform’s Core Working Group member, Slorg, confirming its approval.
Inspired by Trump’s rallying cry “Fight, Fight, Fight” during his 2024 campaign, the $TRUMP token launched with a supply of 1 billion units, 200 million of which were made available immediately. The remaining tokens are locked for release over the next three years.
The emergence of $TRUMP has intensified discussions about the intersection of politics and cryptocurrency, with Trump’s name continuing to stir interest in blockchain markets. Despite the attention, there has been no official comment from Trump’s campaign or representatives regarding the legitimacy of the token. Investors are urged to remain cautious as the uncertainty surrounding the token’s origins persists.
