- Trump launches crypto assets being advertised as $TRUMP
- Its market value soared to $8 billion in three hours
- Questions regarding the token’s legitimacy
Just days before his inauguration, President-elect Donald Trump has launched a new crypto token: $TRUMP.
The assets are minted through Solana and are being marketed as a meme coin that has nothing to do with politics or a political campaign.
News was unveiled on Trump’s social media accounts, Truth Social and X (formerly Twitter) on 18 January, sparking a lot of interest and raising a few eyebrows too.
The meme coin surged to approximately $8 billion within two hours of its debut, but has since seen a decline in its value, which could be an early indication of its volatile nature.
Is the $TRUMP Meme Coin legit?
Trump seemingly taking the crypto-world by storm hasn’t come without its skeptics.
Social media users immediately wondered whether Trump’s social accounts were hacked – and continued questioning if it’s real or fake hours after the news dropped.
The official meme coin website states:
“On July 13, 2024, President Trump faced death and came up fighting! With his fist in the air and the iconic battle cry FIGHT FIGHT FIGHT, President Trump showed the world what a LEADER is made of. His strength and courage ignited a movement becoming the most memorable meme of the century.
Now, you can get your piece of history. This Trump Meme celebrates a leader who doesn’t back down, no matter the odds. Join the Trump Community – we’re all about fighting for what matters.”
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This meme coin follows a long string of slightly odd Trump-branded products, so its genuinity isn’t beyond the realms of possibility.
In the past Trump has launched his own brand of water, a bible, golden sneakers, and even Trump guitars – until Gibson delivered a cease and desist order, that is.
With both of Trump’s social media posts featuring identical language promoting $TRUMP and the inclusion of a website that resembles those used for Trump’s past NFT collections, it looks like this is the real deal.
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At the time of this writing the post remained live for over eight hours, with no follow-up indicating a hack from Trump’s team. And if it were a hack, surely Trump’s buddy Elon Musk would have taken quick action.
What is the market value $TRUMP?
Real or scam, the coin’s market activity is impossible to ignore. In just two hours of its launch, the coin surged over 4,200%.
According to Cryptotimes, one trader moved quickly and bought almost 6 million trump meme coins for approximately $1.1 million using USDC.
Within 90 seconds, the trader’s investment became worth $23 million.
Up to now, they have sold only a small portion, but still have 5.43 million on their hands, which gives them a profit of over $20 million.
The Trump meme coin launched with 200 million tokens out of a total supply of 1 billion, which will be gradually released over the next three years. Its live market value can be tracked at CoinMarketCap.
