A cryptocurrency allegedly associated with President-elect Donald Trump, named Official Trump ($TRUMP), experienced a dramatic rise to an $8 billion market cap just three hours after debuting on the Solana blockchain, sparking both excitement and skepticism in the crypto world.
The token was introduced via an announcement on Trump’s Truth Social account, directing users to GetTrumpMemes for purchases. A similar message followed on X (formerly Twitter), branding it as the official $TRUMP meme coin.
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Blockchain data revealed a staggering 300% surge in value within minutes of trading, with nearly $1 billion in volume. By the time of reporting, $TRUMP was priced at $8.5.
Despite its meteoric rise, concerns regarding the token’s authenticity quickly emerged. Blockchain engineer Cygaar highlighted that the infrastructure of $TRUMP closely resembles that of Trump’s previous NFT project, suggesting the same team might be behind both. Furthermore, Trump’s Truth Social account posted an unrelated announcement soon after, fueling speculation that a hack may have occurred, with cybersecurity experts advising caution.
Nonetheless, the token has been verified and listed on Jupiter Exchange, with platform member Slorg assuring that it had passed the strict list process, while emphasizing user awareness. Inspired by Trump’s “Fight, Fight, Fight” rallying cry, the $TRUMP token launched with 1 billion units, of which 200 million were made available initially, and the rest are locked for release over three years.
The token’s rise has drawn parallels to Trump’s previous NFT collection, which gained significant attention. As questions about the coin’s origins persist, analysts warn investors to stay cautious amid the ongoing uncertainty and potential risks tied to the project’s legitimacy.
