Trump Launches $9B Meme Coin Days Before Inauguration

by

Ahead of his inauguration, Donald Trump’s online platforms seemed to distribute a meme depicting the Solana-based cryptocurrency known as TRUMP.

Within just three hours after its launch, the so-called “Trump Meme Coin,” which was hyped up as such, managed to reach a staggering market capitalization of $9 billion.

Donald Trump Launches New Meme Coin 

Donald Trump, set to assume office for a second term, recently introduced a new cryptocurrency based on the Solana platform and linked to his Truth Social and X platforms. Remarkably, this meme coin attained a market cap of $9 billion mere hours after its debut, outperforming established meme coins such as PEPE and BONK. The frenzy among crypto traders was immediate, leading to substantial trading volume in the millions. As the cryptocurrency community delved deeper into its examination, on-chain analysts and security experts scrutinized it closely, looking for any potential issues or warning signs. Trump himself announced the coin’s launch on his social media platforms.

Check out my latest official meme featuring President Trump! Let’s commemorate our shared values – triumph and victory! Don’t miss the opportunity to be part of my exclusive Trump community. Grab your $TRUMP token today!

Skepticism Galore 

The introduction of the TRUMP cryptocurrency elicited significant enthusiasm from the crypto community and Trump’s backers. Yet, it sparked doubt among on-chain investigators due to its similarities with the celebrity meme coin scams that have emerged over the past year. These scams typically manipulate a public figure’s social media presence for pump-and-dump strategies. The crypto world found itself divided as to whether Trump himself was involved in the posts or if his accounts were hacked. As Bitcoin founder and CEO Max Schwartman commented,…

I can’t believe it! Trump’s memecoin, TRUMP, has reached a market cap of 3 billion dollars. It seems implausible, doesn’t it? Could this be some kind of hack? If so, this could dampen Trump’s enthusiasm for cryptocurrency as he takes office (bearish). But if it isn’t a hack, then the next U.S. president has just launched a memecoin, and things are about to get wildly unpredictable in the crypto market this quarter (bullish, maybe)!

Launch Appears Legitimate 

Nevertheless, the project seems genuine and connected to CIC Digital LLC, the company behind former President Trump’s collectible NFT trading cards. Notably, The Donald J. Trump Revocable Trust owns this firm, and it is through this entity that Trump signed a licensing deal to market his Trump-branded NFTs. Moreover, the website explicitly mentions this information.

Trading income generated by the trade activities of Trump Meme Cards will be received by CIC Digital LLC and Celebration Cards LLC, who jointly own Fight Fight Fight LLC.

As an analyst, I’d like to highlight that when discussing meme coins referred to as “Trump Memes,” it’s important to note that these tokens are not intended to function as investment opportunities, investment contracts, or any form of security. The total supply of TRUMP tokens is set at 200 million initially, with plans to expand this to 1 billion over a three-year period.

The token distribution is also outlined on the website. Creators and CIC Digital will receive 80% of the tokens through staged unlocks over three years. A further 10% is allocated for public distribution, while another 10% is earmarked for liquidity purposes.

creators along with CIC Digital will obtain an 80% share of the token over a period of three years through a series of gradual releases, known as tranched unlocks. Additionally, 10% of the tokens will be reserved for public distribution, while another 10% is earmarked for maintaining liquidity.

Read More

2025-01-18 19:57