President-elect Donald Trump Launches Solana-Based Meme Coin called Official Trump (TRUMP)

While the launch has generated significant trading activity, it has also raised questions about legitimacy, allocation, and potential security risks.

President-elect Donald Trump has unveiled a new Solana-based meme coin called Official Trump (TRUMP), sparking both interest and skepticism within the crypto community.

Here are some key details and points of discussion regarding the meme coin:

1. Trump's 'Official' Meme Coin: On January 18, Trump announced the launch of a TRUMP meme coin through his official X and Truth Social accounts.

“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community,” the President-elect shared on X.

The meme coin, as described on its website, is inspired by Trump's alleged survival of an assassination attempt on July 13, 2024, during his campaign. The token's meta image features Trump with a raised fist and the slogan “Fight, Fight, Fight,” alluding to his actions that day.

“This Trump Meme celebrates a leader who doesn’t back down, no matter the odds,” the website states.

The project's website details the tokenomics as a total supply of 1 billion tokens that will be unlocked over three years. Currently, 200 million tokens are available for trading, with only 20% allocated for public circulation and liquidity.

The remaining 80% is distributed among six groups, including CIC Digital Groups, a company owned by Trump's trust that has previously handled his NFT ventures.

2. Crypto Experts Flag Red Flags in Trump's Meme Coin: The token launch has generated significant interest and discussion within the crypto community. However, some experts have raised concerns.

Conor Grogan from Coinbase highlighted the concentration of token ownership as a major red flag. According to Grogan, 80% of the token supply — valued at $3 billion — is locked in a multi-signature wallet controlled by the creator.

Furthermore, the top five wallets hold over 90% of the circulating supply, sparking concerns about potential price manipulation tactics.

Crypto blockchain analytics firm SpotOnChain also noted unusual patterns in the project. The project received initial funding in SOL from Gate.io and Binance but steered clear of major US exchanges like Coinbase. This discrepancy has raised questions about the token's authenticity and intentions.

“On-chain data reveals the token owner is 5e2qRc, funded by DKbF4. Interestingly, this address received SOL from Gate.io 2 days ago and Binance 10 days ago,” SpotOnChain reported.

There are also concerns about the possibility of a hack, especially considering the recent increase in social media security breaches. However, Polymarket data suggests only a 10% chance that Trump's accounts were compromised.

Adding to the confusion, Trump's Truth Social account shared updates unrelated to the memecoin, such as the appointment of Peggy Schwinn as Deputy Secretary of Education, shortly after the memecoin announcement.

Moreover, blockchain engineer Cygaar pointed out that the technical infrastructure of the meme coin's website is strikingly similar to Trump's earlier NFT projects, suggesting shared development teams.

“The new Trump memecoin website is deployed almost identically to his previous NFT website. Same cloudflare setup, same deployment with Heroku, same SSL certificate issuer. Very similar HTML structure as before,” Cygaar shared.

3. TRUMP Token Surges 3,000% Despite Skepticism: Despite the skepticism surrounding the project, the TRUMP token has witnessed a massive surge in market activity.

According to Dexscreener, the token surged nearly 3,000% since its debut, trading at $13.23 at the last glance.

This spike pushed its FDV to $13 billion, with trading volumes crossing hundreds of millions. Major exchanges, including Bybit and Jupiter, have already announced the upcoming TRUMP listings.