Did Trump simply drop $TRUMP meme coin on Solana? Token explodes to $8 billion market cap in lower than three hours

Key Takeaways

$TRUMP meme coin reached a market cap of $8 billion inside two hours of launch.
Authenticity considerations arose as a result of official announcement being shared on social media.

President-elect Donald Trump introduced Friday he had launched Official Trump ($TRUMP), a Solana-based meme coin. The token exploded to $8 billion in market cap in lower than three hours of its debut amid considerations that his social accounts may need been compromised.

$TRUMP’s worth elevated by greater than 300% within the first three minutes following the announcement, with buying and selling volumes approaching $1 billion, based on GeckoTerminal information. The token was buying and selling at $8.5 at press time.

The announcement first appeared on Fact Social, directing customers to GetTrumpMemes, the mission’s official web site, to amass the tokens. An identical message was later posted on X (previously Twitter), selling it because the official $TRUMP meme coin.

There are severe questions in regards to the legitimacy of each bulletins and the mission, particularly in mild of current hacks focusing on a wave of X accounts. After these bulletins, Trump’s Fact Social account shared a brand new publish appointing Peggy Schwinn as the brand new US Deputy Secretary of Training.

In line with Cygaar, a blockchain engineer, the brand new meme coin mission is probably going created by the group behind Trump’s earlier NFT mission since their web sites share a number of technical similarities.

“Identical Cloudflare setup, similar deployment with Heroku, similar SSL certificates issuer. Very comparable HTML construction as earlier than,” he stated, noting that each web sites had been deployed utilizing Heroku.

“Both that is the best cyber heist of all time, or that is official,” Cygaar added.

Slorg, a member of Jupiter’s Core Working Group, stated $TRUMP has been verified and listed on Jupiter Alternate.

“I don’t prefer to tweet about cash, and by no means form or kind is that this a promotion. However to maintain individuals protected, that is the actual Trump coin. We now have authorised it to the Jupiter strictlist,” stated Slorg.

What we all know up to now?

In line with GetTrumpMemes, the $TRUMP token attracts inspiration from the “Battle, Battle, Battle” rallying cry that emerged after Trump’s life-threatening expertise at a marketing campaign rally in Butler, Pennsylvania, on July 13, 2024. These had been the phrases he shouted upon surviving the assassination try.

The token has a complete provide of 1 billion models, with 200 million accessible at launch. The remaining tokens will likely be launched progressively over three years, with 80% allotted to the creators and CIC Digital, topic to a lock-up interval of three to 12 months earlier than each day unlocking over 24 months.