Trump’s Surprise Announcement Shakes the Crypto World
In a move few could have predicted, President-elect Donald Trump’s official social media accounts unveiled what appears to be a legitimate Solana-based meme coin called TRUMP. The unexpected announcement came just three days before his second inauguration, igniting excitement and skepticism in equal measure.Trump’s post on X read:
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW.”
Immediate Market Reaction
The reaction was swift. Degen traders poured in, generating hundreds of millions in trading volume. TRUMP reached a price of $7.31, with DexScreener listing its market cap at $7.1 billion, though this estimate is inflated due to the token’s locked supply.
With 80% of the 1 billion coins locked for gradual release over three years, the actual circulating supply is only 200 million, adjusting the market cap to around $1.5 billion. Trading volume has already exceeded $680 million.
Is the Coin Legitimate?
The coin’s legitimacy remains a hot topic. Early doubts stemmed from its resemblance to celebrity-endorsed pump-and-dump scams, but Trump’s posts on Truth Social and X have stayed live, easing some concerns. Additionally, the project is credited to CIC Digital, the official Trump licensee behind his previous NFT collections, and the website bears a striking resemblance to his earlier NFT platforms.“Either this is the greatest cyber heist of all time, or this is legitimate,” tweeted blockchain engineer cygaar, who noted that the website’s deployment mirrored Trump’s prior NFT ventures.
Potential Red Flags
Despite growing confidence, some on-chain sleuths flagged potential issues:
- The project’s wallet was seeded with millions from Binance and Gate, exchanges that don’t serve U.S. customers.
- Concerns about sudden token unlocking and price volatility remain.
Still, many of these concerns have been mitigated as time passes without incident.
Trump’s Pro-Crypto Stance
Trump’s embrace of blockchain technology isn’t new. Between 2022 and 2024, he released multiple NFT collections and endorsed World Liberty Financial, a decentralized finance platform.
As his second term approaches, Trump is expected to sign executive orders aimed at reshaping U.S. cryptocurrency policy, a move that could profoundly impact the crypto ecosystem for both builders and investors.
