Did Trump just drop $TRUMP meme coin on Solana? Token explodes to $8 billion market cap in less than three hours

On January 18, 2025By Littum

Key takeaways

$TRUMP meme coin reached $8 billion market cap within two hours of launch.
Authenticity concerns arose due to the official announcement shared on social media.

President-elect Donald Trump announced Friday that he had launched Official Trump ($TRUMP), a Solana-based meme coin. The token exploded to $8 billion in market capitalization in less than three hours after its debut amid concerns that his social accounts might have been compromised.

$TRUMP’s value surged more than 300% in the first three minutes after the announcement, with trading volume approaching $1 billion. according to GeckoTerminal data. The token was trading at $8.5 at press time.

The announcement first appeared on Truth Social, directing users to GetTrumpMemes, the project’s official website, to acquire tokens. A similar message was later posted on X (formerly Twitter), promoting it as the official $TRUMP meme coin.

Trump launches meme coin at Solana

There are serious questions about the legitimacy of both the announcements and the project, especially in light of the recent hacks targeting a wave of X accounts. Following these announcements, Trump’s Truth Social account shared a new post naming Peggy Schwinn as the new US Deputy Secretary of Education.

According to Cygaar, a blockchain engineer, the new meme coin project is likely created by the team behind Trump’s previous NFT project, as their websites share several technical similarities.

“Same Cloudflare setup, same deployment with Heroku, same SSL certificate authority. Very similar HTML structure as before,” he saidand notes that both sites were deployed using Heroku.

“Either this is the biggest cyber theft ever or it’s legit,” Cygaar added.

Slorg, a member of Jupiter’s Core Working Group, said $TRUMP has been verified and listed on the Jupiter Exchange.

“I don’t like to tweet about coins, and in no way is this a campaign. But to keep people safe, this is the real Trump coin. We’ve approved it for Jupiter’s strict list.” said Slurp.

What do we know so far?

According to GetTrumpMemes, the $TRUMP token draws inspiration from “Fight, Fight, Fight” chants that emerged after Trump’s life-threatening experience at a campaign rally in Butler, Pennsylvania, on July 13, 2024. Those were the words he shouted after having survived the assassination attempt.

The token has a total supply of 1 billion units, with 200 million available at launch. The remaining tokens will be released gradually over three years, with 80% allocated to the creators and CIC Digital, subject to a lock-up period of 3 to 12 months before daily unlocking over 24 months.