It’s not every day that a US president launches a Solana memecoin, at least that’s what Donald Trump’s social media accounts showed on Friday evening.
Three days before his second inauguration, Trump’s official X (formerly Twitter) and Truth Social accounts shared an announcement about a new Solana-based memecoin, $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”, » reads the message, linking to a website.
Within minutes, the cryptocurrency was trading for hundreds of millions of dollars as enthusiastic traders rushed in, skeptics raised the alarm, and blockchain detectives set to work investigating.
Within hours, $TRUMP had a market cap of nearly $7.5 trillion.
But is Trump’s memecoin actually legit?
The evidence so far suggests two possibilities: either this was an official launch sanctioned by Trump, or his accounts were hacked in what could be one of the most elaborate crypto scams in recent memory.
Let’s unpack the situation.
What Happened: Trump’s Solana Memecoin Moons
The announcement was made Friday evening, first on Truth Social and shortly after on Trump’s X account.
Some rumors say he confirmed it during his crypto gala.
Both posts featured identical language promoting $TRUMP, as well as a link to a website that resembles those used for Trump’s previous NFT collections.
The coin’s website credits CIC Digital, the same official licensee behind Trump’s 2022 and 2023 NFT collections. The site’s infrastructure and deployment also aligns with Trump’s past projects, bringing some to conclude that it is legitimate.
The memecoin immediately gained traction. Currently, $TRUMP is trading at $8.32 with a self-reported market cap of $6.7 billion. However, 80% of the tokens are locked and will be gradually unlocked over the next three years, making the circulating supply – and its true market cap – much smaller.
Blockchain tracking sites show that the coin generated a trading volume of around $680 million in its first hours of existence, placing it among the most actively traded new cryptocurrencies.
The arguments for the legitimacy of $TRUMP
If this is a project approved by Trump, it would fit with his recent pro-crypto stance. Trump has already delved into Web3 with several NFT collections, and he has publicly endorsed World Liberty Financial, a decentralized finance platform.
Observers have pointed out that the $TRUMP website is remarkably similar to Trump’s NFT sites, right down to hosting provider Heroku.
This consistency has led blockchain experts like the pseudonymous engineer cygaar to suggest that the same team likely deployed both projects.
Additionally, posts about
Trump’s presidency has also relied heavily on memes and online engagement, so launching an official memecoin as a cultural and financial rallying point wouldn’t be entirely out of place.
In addition, he is close to Elon Musk, owner of X has been hacked.
The Case for Skepticism: Is Trump’s Memecoin a Scam?
Despite the evidence of legitimacy, there are reasons to remain cautious.
First, the origins of the play’s financing raised eyebrows.
Chain sleuths discovered that the project was fueled by millions of dollars from wallets linked to Binance and Gate.io, exchanges that do not cater to US customers. For a project linked to a US president, this is an unusual choice and potentially problematic from a regulatory perspective.
Second, Trump’s high-profile status makes his accounts a prime target for hackers.
One red flag is that the top ten holders own 86% of the coin and they are not giving up ownership of the contract.
The crypto industry has seen countless examples of high-profile people’s accounts being compromised to promote pump-and-dump scams. In most cases, hacked posts are quickly removed, but the extended length of time these posts remained online complicates the situation.
Finally, while the token is actively trading, many memecoins experience sharp rises followed by equally sharp declines as liquidity dries up or early adopters sell their holdings. It remains to be seen whether $TRUMP retains its value or turns out to be a speculative bubble.
So what if $TRUMP was real?
If $TRUMP is legitimate, it could signal a major shift in Trump’s approach to cryptocurrency, and a conversation should be had about the role of memecoins going forward.
As a sitting president, his endorsement of a memecoin would elevate the conversation around crypto to the highest levels of global politics – and probably not in a good way.
A Trump-backed memecoin would also present opportunities and risks for the US crypto market.
On the one hand, it could rally its supporters around blockchain technology, potentially boosting its adoption.
On the other hand, it raises questions about the regulatory implications of a president directly promoting a cryptocurrency.
What does it mean if $TRUMP is a scam
If Trump’s accounts were hacked, it could become one of the most sophisticated scams in crypto history.
The resemblance to Trump’s past NFT projects, combined with the coin’s rapid adoption, suggests that the attackers have gone to significant lengths to make the project appear authentic.
A scam of this scale would likely lead to calls for stricter crypto regulations and increased scrutiny of high-profile accounts.
This would also serve as an added warning to traders who are chasing the latest trend without doing their due diligence.
How to buy $TRUMP
Buyer beware: this is not financial advice.
Anyone wishing to purchase $TRUMP should do so through a Solana-based exchange, such as Jupiter Exchange and by having a non-custodial wallet, such as the Phantom wallet.
This is not a verified part, but the contract address is listed on sites like CoinMarketCap as 6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN
This can be found on SolScan Also.
The next step would be to paste the address into the coin search bar, as there are already dozens of fake Trump memecoins (if this one is considered real) circulating. This will allow you to make your purchase in SOL or other SOL compatible tokens.
Final Thoughts: Where Things Stand on $TRUMP
At this point, the question is still whether $TRUMP is real or a scam. The evidence leans toward legitimacy, but in the world of crypto, appearances can be deceiving.
For now, the trading volume and market activity are impossible to ignore. Whether $TRUMP becomes a cultural phenomenon or a short-lived meme, it’s already a defining moment for crypto in 2025.
As always, if you are considering getting involved, proceed with caution. The crypto market is more volatile than ever, and even legitimate projects can carry significant risks. Keep an eye on Trump’s official channels and the broader crypto community for updates and, as always, don’t invest more than you’re willing to lose.