President Donald Trump’s social media accounts shared what appears to be an official Solana meme coin called TRUMP days before his inauguration.
Meme Coin, which was promoted as the “Official Trump Meme Coin,” reached a market cap of $9 billion within three hours of its launch.
Donald Trump Launches New Meme Coin
president elect Donald Trump launched a new Solana-based meme coin through his Truth Social and X accounts just days before he took office for the second time. Meme Coin reached a $9 billion market cap within hours of its launch. It surpassed several prominent meme coins such as PEPE and BONK. Crypto traders immediately started buying the coin. generating millions of trading volumes Meanwhile Online auditors and security experts are also beginning to examine Meme Coin more closely. By looking for signs of potential danger. Trump posted about the release on his social media account stating,
“My new official Trump Meme is here! It’s time to celebrate everything we stand for: Victory! Join my very special Trump community, get your $TRUMP now.”
Lots of doubts
The launch of TRUMP’s Meme Coin has received a lot of attention from the crypto community and Trump supporters, however, it has also created skepticism among online reviewers. Since the project and launch it has featured some of the celebrity meme coin scams that have been launched in the past year. These scams generally involve hacking the social media accounts of public figures to promote pump-and-dump schemes. Many in the crypto industry are divided over whether Trump was behind the posts or if his account was compromised, as Bitcoin founder and CEO Max Schwartman said.
“I’m so confused by this. $TRUMP is at 3B market capitalization. This must be a hack, right? There is no way he just launched his own memecoin if it was a hack. This would mute Trump’s strong belief in cryptocurrencies as he took office (a bear market), if not a hack. The next president of the United States just launched a shitcoin and things are definitely getting out of control this quarter. (It may be a bull market).”
The release appears legitimate.
However, the project appears to be legitimate and involves the entity that launched CIC Digital LLC, a Trump NFT trading card. Donald J. Trump Revocable Trust owns the company. It is also the company with which Trump has entered into an agreement to license the sale of Trump-branded NFTs. The website also states that
“CIC Digital LLC and Celebration Cards LLC, owners of Fight Fight Fight LLC, will receive trading revenue from Trump Meme Cards trading activities.”
Referring to the meme coin as “Trump Meme,” the website also clarifies that the token is not intended or subject to investment opportunities. investment contract or any type of security. According to the website, there are 200 million TRUMP tokens available, with the supply increasing to 1 billion within three years. It breaks down the distribution of tokens as well. Creators and CIC Digital will receive 80% of the tokens over three years of unlocking, 10% earmarked for public distribution, and 10% for liquidity.
“Creators and CIC Digital are set to receive 80% of the tokens over the three-year period of unlocking, with 10% earmarked for public release and the final 10% earmarked for condition. spontaneous”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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