Incoming President Donald Trump Launched a Trump Meme Coin Named "$TRUMP"

The Cryptocurrency market too was filled with chaos after the release. According to reports by The Crypto Times, a trader had a sudden raise of about $20 million within the first hour

Donald Trump, the incoming president, has announced the launch of a Trump meme coin named “$TRUMP,” which he advertised on his social media accounts on Friday, January 17, 2025.

The news comes just two days before his inauguration ceremony on January 20, 2025.

The cryptocurrency market was sent into a frenzy following the announcement. According to reports by The Crypto Times, a trader experienced a sudden gain of approximately $20 million within the first hour after the incoming president announced the meme coin. As reported by Crypto Briefing, the meme coin reached a market capitalization of $8 billion within two hours of its launch.

Meanwhile, the launch of the meme coin sparked widespread reactions online. Here are some notable responses found on X, formerly known as Twitter:

Several platform users expressed concerns about a “massive rug pull” and the authenticity of the coin. A user (@PikaPikaLore) took to the platform to share their thoughts:

Another user had this to say:

Many other netizens took to X to voice their opinions on the matter. Some even questioned whether the incoming president's social media accounts had been hacked. A user posed the following question:

Concerns were raised among netizens and members of the cryptocurrency community when the news about the meme coin broke. These concerns were heightened due to the recent prevalence of hacking incidents on social media platforms.

Netizens speculated that the incoming president's account may have been hacked because of his announcement regarding Penny Schwinn. Shortly after announcing the launch of his meme coin, he made an announcement that read:

As evident in the above announcement, the incoming president misspelled Penny's name as Peggy, an error that did not escape the notice of online users. This further fueled concerns about the security of his social media page and the authenticity of the meme coin.

According to reports by Decrypt, the official website for the meme coin bears a striking resemblance to those that sold and promoted his earlier NFT collections. The meme website has further confirmed that the coin's launch is not part of any political campaign.

As of now, no response has been received from the Trump-Vance transition team on the matter, according to Rolling Stone. While many users appeared excited by the launch, others advised exercising caution when dealing with the meme coin, which was recently released by the incoming president.

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