Donald Trump Announces Official Memecoin TRUMP, Market Cap Reaches $3.5 Billion in Just 1 Hour
President Trump's social media accounts have unexpectedly shared a memecoin on Solana, reaching a market cap of $3.5 billion in just one hour of trading.
On the morning of January 18, 2025, Donald Trump's two social media accounts Truth Social and X (Twitter) simultaneously shared information about Trump Memes (TRUMP), a memecoin released on Solana.
According to the attached website, Trump Memes is Donald Trump's "official memecoin", inspired by the message "Fight, Fight, Fight" he gave during the "assassination attempt" last July, one of the most prominent highlights in the politician's journey back to the White House.
TRUMP's total supply is 1 billion units, with an initial circulating supply of $200 million and will gradually increase over 3 years. In addition to the liquidity token and initial community allocation, the remaining 80% will be distributed to an as-yet-unknown group of creators with a lock-up period of 3 to 12 months, unlocking each day for the next 24 months.
Many have expressed skepticism about the accuracy of the above information, suggesting that Mr. Trump may have been hacked. However, since the post appeared on both Truth Social and X, two independent platforms, the possibility that the President lost access to both social networks at the same time is unlikely.
A representative of the Jupiter DEX also confirmed the TRUMP token, affirming that this is an official project of the US President.
However, the account @conorgrogan pointed out that the memecoin was initiated with funds from Binance and Gate.io, two exchanges that do not support US users. However, it cannot be ruled out that Trump used a third-party service to create the token.
Some people also discovered that the Trump Memes website has a similar structure to the President's NFT sale website, further increasing its authenticity.
Just 1 hour after its launch, TRUMP's price reached a capitalization of nearly 3.5 billion USD when the community rushed to buy this memecoin, with a trading volume of up to nearly 420 million USD.
It is worth noting that Mr. Trump's announcement of his own memecoin took place on the last working day of Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), who has taken many actions to suppress acts considered fraudulent and deceptive in the US crypto market over the past 3 years.
