Donald Trump's Accounts Announce 'TRUMP' Meme Coin; Market Cap Hits $3.5 Billion Amid Hack Concerns

Jan 18, 2025, 02:53 AM

Donald Trump's official Truth Social and X accounts announced the launch of a personal meme cryptocurrency, TRUMP, on the Solana blockchain. The token's market capitalization surged rapidly, reaching approximately $3.5 billion within an hour, with trading volumes exceeding $140 million. Users were directed to visit a website with the domain “gettrumpmemes” to obtain the token. However, doubts have arisen about the legitimacy of the launch, as some speculate that Trump's accounts may have been compromised, and users are cautioned against clicking the link. The largest token holder possesses 80% of the total supply, raising concerns about centralization. A trader using the alias "LeBron" reportedly made over $20 million in profit by purchasing TRUMP tokens shortly after the announcement and selling them at higher prices.