Trump's $TRUMP Memecoin Launches on Solana, Hits $5 Billion Market Cap Amid Legitimacy Concerns

Jan 18, 2025, 03:07 AM

Donald Trump's official social media accounts announced the launch of a personal meme token, $TRUMP, on the Solana blockchain. The announcement comes just days before his inauguration as President of the United States. Within hours, the token's market capitalization surged to over $5 billion, with trading volumes exceeding $550 million. One trader reportedly made over $20 million in profit by purchasing $TRUMP tokens shortly after the announcement. The largest holder possesses 80% of the token supply, raising concerns among investors. A website with the domain "gettrumpmemes" directs users to obtain the token. However, questions have arisen about the legitimacy of the launch, with some suggesting that Trump's accounts may have been compromised. As the situation develops, it remains unclear whether the launch is authentic or the result of a security breach.