Trump Really Did Just Launch a Solana Meme Coin Called $TRUMP

The price of TRUMP jumped from a couple of cents to nearly $29 in less than 24 hours despite widespread skepticism.

Solana (SOL) blockchain witnessed a surprising event on Friday with the emergence of an official meme coin linked to former U.S. President Donald Trump. The Trump meme coin, aptly named $TRUMP, was unveiled through Trump's Truth Social and X (formerly Twitter) accounts.

The first announcement on Friday came via Trump's Truth Social platform, where users were directed to "GetTrumpMemes," the project's official website, to purchase the TRUMP meme coin.

Later, a similar message was posted on Trump's X account, highlighting $TRUMP as an "official" meme coin, tying it directly to President-elect 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," the post reads.

Some crypto commentators initially suspected an elaborate hack, but the meme coin's official website appears to have been "deployed almost identically to his previous NFT website," pseudonymous blockchain sleuth cygaar observed. Moreover, the project seems to be linked to the same official Trump licensee behind his NFT collections, CIC Digital LLC.

"Either this is the greatest cyber heist of all time, or this is legitimate," he added.

Trump's posts regarding the TRUMP meme coin remained online as of press time.

"I don't like to tweet about coins, and in no way shape, or form is this a promotion," Slorg, a member of Jupiter's Core Working Group, posted on X. "But to keep people safe, this is the real Trump coin. We have approved it to the Jupiter strictlist."

TRUMP Hit a Market Cap of $9 Billion in Hours

The TRUMP meme coin quickly gained traction among crypto traders, reaching a market capitalization of nearly $9 billion within hours of its debut. It stole the thunder from other popular meme coins such as PEPE, SHIB, and Bonk. At the time of writing, the token boasts a market cap of $4.47 billion.

Notably, traders who bought $TRUMP early managed to secure millions of dollars in paper gains from the meme coin's meteoric rise.

On-chain data from Lookonchain shows that a crypto user, “LeBron,” turned a $1 million USDC investment into more than $2 million by purchasing 4.52 million $TRUMP tokens just two minutes after Trump's post.

Another trader turned a $1.1 million investment into a staggering $70 million in the span of just four hours. The anonymous trader sold 1.35 million TRUMP for 3.7 million USDC, leaving them with 4.62 million tokens still valued at $67.5 million.