Controversy Erupts as Trump's Alleged $TRUMP Meme Coin Hits $8 Billion Market Cap on Solana

Did Trump Really Launch a $TRUMP Meme Coin on Solana? Token's Market Cap Soars to $8 Billion Amid Authenticity Concerns

Controversy has erupted following reports of a new Trump-themed meme coin, $TRUMP, on the Solana blockchain. The token's market cap skyrocketed to $8 billion within three hours of its release, prompting questions about its legitimacy and concerns over potential security breaches.

The token, dubbed Official Trump ($TRUMP), was reportedly unveiled by President-elect Donald Trump last Friday. The announcement was made on Truth Social, directing users to the project’s official website, GetTrumpMemes, to purchase the tokens. It was later echoed on X (formerly known as Twitter), touting it as the official Trump-themed meme coin.

The token's value surged by over 300% in the initial minutes following the announcement, with trading volumes nearing $1 billion, as per GeckoTerminal data. At the time of reporting, $TRUMP was trading at $8.5.

Despite its rapid ascent, questions loom large regarding the legitimacy of the project, especially given recent security incidents affecting numerous X accounts. Adding to the confusion, Trump's Truth Social account later posted a separate announcement, naming Peggy Schwinn as the new US Deputy Secretary of Education.

Blockchain engineer Cygaar suggested that the meme coin could be the handiwork of the same team behind Trump's earlier NFT project, citing similar technical setups between their websites. "Either this is the greatest cyber heist of all time, or this is legitimate," he speculated.

Meanwhile, Slorg from Jupiter’s Core Working Group confirmed that $TRUMP has been verified and listed on Jupiter Exchange. "To keep people safe, this is the real Trump coin," he stated, emphasizing that his mention was not a promotional effort.

According to GetTrumpMemes, the $TRUMP token is inspired by the rallying cry "Fight, Fight, Fight," which Trump used during a campaign rally in Butler, Pennsylvania, on July 13, 2024, following an assassination attempt. The total supply is set at 1 billion tokens, with 200 million initially available. The remaining tokens will be released gradually over three years, with 80% allocated to the creators and CIC Digital, subject to a lock-up period of 3 to 12 months before being unlocked over 24 months.