Is Trump’s Memecoin Legit? Here’s what we know about $TRUMP

At least it’s not every day that a US president launches a Solana memecoin, that’s what Donald Trump’s social media accounts appeared to be on Friday night.

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,” the post read, links to a website.

Within minutes, the cryptocurrency was trading in the hundreds of millions of dollars as excited traders rushed in, skeptics sounded the alarm and blockchain speculators began investigating.

Within hours, $TRUMP had a market cap of nearly $7.5 trillion.

But is Trump’s memecoin actually legal?

The evidence so far suggests two possibilities: Either this is an official launch sanctioned by Trump, or his accounts have been hacked in what could be one of the most extensive crypto scams in recent memory.

Let’s unpack the situation.

What Happened: Trump’s Solana Memecoin Moons

The announcement came late Friday night, first on Truth Social and shortly after on Trump’s X account.

Some rumors say he confirmed it during his crypto gala.

Both posts contained identical language promoting $TRUMP, along with a link to a website similar to 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 infrastructure and rollout of the site is also consistent with Trump’s past ventures, leading some to conclude that it is legitimate.

The memecoin immediately gained traction. Right now, $TRUMP is trading at $8.32 with a self-reported market cap of $6.7 billion. However, 80% of tokens are locked and will be gradually unlocked over the next three years, making the circulating supply – and its true market value – much smaller.

Blockchain tracking pages show that the coin has generated around $680 million in trading volume in its first hours of existence, placing it among the most actively traded new cryptocurrencies.

The case for $TRUMP being legitimate

If this is a sanctioned Trump project, it would be consistent with his recent pro-crypto stance. Trump has previously dipped his toes 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 site is remarkably similar to Trump’s NFT sites, right down to the hosting provider Heroku.

This consistency has led blockchain experts like the pseudonymous engineer cygaar to suggest that the same team likely implemented both projects.

In addition, the posts on X and Truth Social have remained live for over 12 hours, with no follow-up indicating a hack or denial from Trump’s team.

Trump’s presidency has also leaned heavily on memes and online engagement, so launching an official memecoin as a cultural and economic rallying point wouldn’t be entirely out of character.

In addition, he is close to Elon Musk, who owns X. If it was a hack, he has direct access to the owner of the platform – which is more than the 99.99% of people who have had their X profile hacked.

The Case for Skepticism: Is Trump’s Memecoin a Scam?

Despite the evidence pointing to legitimacy, there are reasons to be cautious.

First, the coin’s funding origin has raised eyebrows.

Insiders discovered that the project was seeded with 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.

A red flag is that the top ten holders have 86% of the coin and contract ownership is not relinquished.

The crypto industry has seen countless examples of high-profile individuals’ accounts being compromised to promote pump-and-dump scams. In most cases, the hacked posts are quickly deleted, but the length of time these posts have remained live complicates the picture.

Finally, while the coin is actively traded, many memecoins experience sharp rises followed by equally sharp falls as liquidity dries up or early adopters sell their holdings. Whether $TRUMP holds its value or turns out to be a speculative bubble remains to be seen.

So what if $TRUMP is real?

If $TRUMP is legitimate, it could signal a major shift in Trump’s approach to cryptocurrency, and a conversation would need to be had about memecoin’s role out here.

As a sitting president, his approval 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 to the US crypto market.

On the one hand, it can rally its supporters around blockchain technology, potentially increasing adoption.

On the other hand, it raises questions about the regulatory implications of a president directly promoting a cryptocurrency.

What it means if $TRUMP is a scam

If Trump’s accounts were hacked, this could go down as one of the most sophisticated scams in crypto history.

The similarity to Trump’s previous NFT projects, combined with the coin’s rapid adoption, suggests that the attackers put considerable effort into making the project appear authentic.

A scam of this magnitude is likely to lead to calls for stricter regulations around crypto and increased scrutiny of high-profile accounts.

It would also serve as another cautionary tale for traders chasing the latest trend without proper due diligence.

How to buy $TRUMP

Buyer beware – this is not financial advice.

Someone interested in buying $TRUMP would have to do so through a Solana-based exchange, such as Jupiter exchange and by having a non-depot wallet, such as the Phantom wallet.

It is not a verified coin, but the contract address is listed on sites such as CoinMarketCap as 6p6xgHyF7AeE6TZkSmFsko444wqoP15icUSqi2jfGiPN

This can be found at SolScan likewise.

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) floating around. This allows you to make your purchase in SOL or other SOL compatible tokens.

Final Thoughts: Where Things Stand on $TRUMP

At this point, the jury is still out on whether $TRUMP is real or a scam. The evidence leans towards legitimacy, but in the crypto world, appearances can be deceiving.

For now, the coin’s trading volume and market activity are impossible to ignore. Whether $TRUMP becomes a cultural phenomenon or a fleeting meme, 2025 is already a defining moment for crypto.

As always, if you’re considering getting involved, proceed with caution. The crypto market is as volatile as ever, and even legitimate projects can carry significant risks. Keep an eye on Trump’s official channels and the wider crypto community for updates – and as always, don’t invest more than you’re willing to lose.