A new crypto currency now worth billions just hours after launching is being promoted on Donald Trump's social media accounts - but experts are questioning whether the President-elect or hackers are behind the new venture

Posts on Donald Trump's X, formerly known as Twitter, and Truth Social accounts announced the arrival of the $Trump, a Solana-based meme coin

A new cryptocurrency, now valued at $13 billion just hours after launching, is being promoted on Donald Trump's social media accounts - but experts are questioning whether the former President or hackers are behind the new venture.

Posts on Trump's X, formerly known as Twitter, and Truth Social accounts announced the arrival of the $Trump, a Solana-based meme coin, on Friday night.

Meme coins are cryptocurrencies named after a supposedly humorous character, individuals, artwork or trends.

Examples include Dogecoin (DOGE), which was set up as a satirical payment system to make fun of cryptocurrencies, and features a cartoon version of a cute Japanese Shiba dog called Kabosu that internet users found funny and cute.

Experts say meme coins are incredibly risky investments, but they can prove lucrative, especially for the creators. The market cap for meme coins generally stands in the billions.

Following the launch of $Trump, the token has exploded to $13billion in value, while trading volumes are approaching $4.6billion at the time of writing, according to GeckoTerminal data.

At the time of publication, the token was trading at $23.41.

The announcement first appeared on Trump's Truth Social account, directing his followers to acquire the token through the GetTrumpMemes website.

A similar post arrived on his X account shortly afterwards.

The post, which features an image of the token showing Trump's right fist in the air with the slogan, Fight, Fight, Fight, stated: '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. Go to — Have Fun!'

According to the GetTrumpMemes website, the fungible token is 'an official Trump product' and can be purchased via Moonshot or more traditional payment methods.

It features an image of the former President in the moments after an assassination attempt at a campaign rally in Butler, Pennsylvania, on July 13, 2024, when he defiantly threw his hand in the air to show he was unharmed.

The site revealed the tokens are minted through crypto platform Solana and that 200 million will be available on the first day.

Over three years, a total of one billion $Trump will become available.

The post appearing on Trump's X account has garnered tens of thousands of comments among his 97.6million followers, with some questioning if the former President had been hacked.

One wrote, 'This must be a scam. Please don't be real', while another simply asked: 'Account hacked?'

Others however were welcoming of the idea that $Trump could be a good investment move.

One follower said: 'Put all your life savings into $TRUMP on Solana, and you can end up just like him!'

Experts have also begun wading into the debate on whether the project is real or the result of hackers gaining access to Trump's social media accounts.

Crypto aficionado Slorg from the Jupiter crypto exchange said $TRUMP has been verified, Crypto Briefing reports.

'I don't like to tweet about coins, and in no way shape or form is this a promotion. But to keep people safe, this is the real Trump coin. We have approved it to the Jupiter strictlist.'

Meanwhile, Polymarket, used by crypto traders to predict outcomes and track current trends, is currently showing just a 3 per cent chance that Trump's accounts have been hacked.

Meme coins have been growing in popularity in recent years. Aside from Dogecoin, other examples include tokens based on cartoon frog Pepe (PEPE), Peanut the Squirrel (PNUT), an orphaned squirrel euthanized by New York officials, and MOO DENG, which is based on a pygmy hippo from Thailand that went viral because of her cheeky energy.

At the time of writing, DOGE's market cap alone is $61bn, while PEPE's is $7.92bn and PNUT is $662million.

Their value and popularity has shot up since the election of Donald Trump.

However, not all experts endorse meme coins as a good investment.

James Ramsden KC, a leading voice on crypto and digital asset litigation and a founding partner at law firm Astraea, called memecoins a 'dangerous illusion' and a 'complete con'.

He recently told MailOnline: 'I wouldn't go anywhere near them. It's an illusion that's quite dangerous.

'It's just a very speculative financial punt which is almost completely at the mercy of the people who have put it out there.

'I think this is a complete con. It has no value or purpose. I'm as worried of those as any digital asset.

'I don't think you can call them that at all. It depends on algorithmic social media interaction. It's