President-elect Donald Trump Launches “Official” Trump Meme Coin with the Ticker TRUMP, but Investors Remain Cautious Despite Short-term Success

President-elect Donald Trump launched the Solana-based token three days before his inauguration as the 47th president of the United States.

Donald Trump, the president-elect of the United States, has officially launched a Solana-based token with the ticker TRUMP. The token, which is designed to celebrate everything that Trump stands for, is now available for purchase on decentralized exchanges (DEXs).

According to data from Dexscreener, TRUMP’s market cap reached $9 billion within three hours of its launch. The token’s price also surged by more than 4,800%, rising from an opening price of $0.1824 to $9. The total number of buyers reached 49,8人も驚異的だった一方、売り注文を出しているのはわずか12,500人足らずとなっている。３時間足らずで集まった流動性は３億８７００万ドルにも上った。

Interestingly, SpotOnChain reveals that the token initially received funding in SOL from Gate.io and Binance. However, the blockchain analytics firm questions why a U.S.-based project like TRUMP opted out of listing on American exchanges such as Coinbase.

“This raises some eyebrows as to why a U.S.-based project like $TRUMP is avoiding listing on U.S. centralized exchanges (e.g., Coinbase) and instead receiving its initial exchange liquidity from Gate.io and Binance.”

TRUMP Allocation Raises Concerns

A closer examination of the TRUMP token allocation has sparked further discussion within the crypto community. Conor Grogan, a director at Coinbase, highlighted a critical detail in the token’s allocation.

“８０％がマルチシグにロックされていることが判明。これは３０億ドルで、クリエイターが管理しているほか、４０００万ドルの流動性を片側で追加していることがわかった。”

According to the official website “GetTrumpMemes,” the token’s distribution plan outlines a total supply of 200 million tokens to be released on day one, ramping up to 1 billion tokens over three years.

However, this raises concerns among investors, as 80% of the circulating supply is allocated to Fight Fight Fight LLC and CIC Digital LLC, both of which are linked to The Trump Organization. In contrast, public investors and liquidity are left to share only 20% of the tokens.

A Possible Hack Raises Eyebrows

As skepticism surrounds the token’s authenticity, many are keeping a close eye on Trump’s official Truth Social and Twitter accounts, where he announced the launch of $TRUMP.

“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 https://t.co/GX3ZxT5xyq — Have Fun!”

However, some have raised concerns that Trump’s accounts may have been hacked or subjected to a social engineering scheme. Despite these emerging concerns, Polymarket data indicates only a 10% chance that his accounts were compromised.

“Trump just launched a memecoin, $TRUMP. There's only a 10% chance he was hacked.”

Blockchain data reveals the token owner’s wallet received funds from Gate.io two days prior to the launch and Binance ten days earlier.

“Two days before $TRUMP launch, １００万ドルがトークンオーナーのウォレットに上納されていることがわかった。出所はGate.ioとなっている。また、１０日前にはBinanceから１０００万ドルが上納されていることも判明している。”

Moreover, the token’s concentrated ownership among a few wallets also raises concerns about price manipulation. The top five holders own more than 90% of the supply, making it vulnerable to sudden price swings if any of these addresses decide to sell their holdings.

It's worth noting that this is not Trump's first venture into the world of cryptocurrency. During his 2024 campaign, he launched World Liberty Financial (WLFI), a project that garnered public support from his family members. Unlike $TRUMP, WLFI was not a meme coin and its intentions were more transparent.

Despite the token’s explosive rise in value, skepticism surrounds the project, with investors questioning its authenticity and anxiously awaiting any official statements from Trump or his team to fully dissociate the president-elect from the initiative.