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 because of the 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, in line with GeckoTerminal knowledge. The token was buying and selling at $8.5 at press time.

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

There are critical questions concerning the legitimacy of each bulletins and the undertaking, 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 put up appointing Peggy Schwinn as the brand new US Deputy Secretary of Training.

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

“Identical Cloudflare setup, similar deployment with Heroku, similar SSL certificates issuer. Very related 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 professional,” 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 under no circumstances form or kind is that this a promotion. However to maintain individuals protected, that is the true Trump coin. We’ve got authorised it to the Jupiter strictlist,” stated Slorg.

What we all know to date?

In response to GetTrumpMemes, the $TRUMP token attracts inspiration from the “Combat, Combat, Combat” 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 items, with 200 million accessible at launch. The remaining tokens can be launched steadily 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 day by day unlocking over 24 months.