Trump's Truth Social Account Announces $TRUMP Memecoin on Solana Amid Hacking Concerns

Jan 18, 2025, 02:25 AM

Just days before his inauguration, President-elect Donald Trump's official Truth Social account announced the launch of a personal memecoin named $TRUMP on the Solana blockchain, directing users to a website with the domain 'gettrumpmemes' to obtain the token. The token experienced a meteoric rise, reaching approximately $1.7 billion in market capitalization with over $140 million in trading volume within an hour. However, there are concerns about the legitimacy of the announcement, as some suggest that Trump's account may have been compromised. Additionally, the top holder of the token reportedly controls 80% of the supply, raising questions about the token's authenticity and potential risks to investors.